Green failure for the UK is on the way, warns CBI
Tuesday 26 April 2011
Britain is failing to attract the level of investment needed to build a low-carbon infrastructure and meet emissions reduction targets, according to a leading business body.
The Confederation of British Industry (CBI) had previously forecast that Britain needed £150bn from the private sector over the next 20 years – and today warns that the country is in danger of losing out on that investment to other countries.
A report titled Risky Business: Investing In The UK's Low-Carbon Infrastructure, said senior businessmen were not convinced the UK could raise the financing needed at the pace required.
The Government's response would be critical and would have a huge impact on the cost of energy for consumers and businesses, the creation of new industries and changing lifestyles, the report added.
Katja Hall, the chief policy director for the CBI, said: "We know the UK needs a balanced energy mix to cut emissions and grow the low-carbon economy, but the big question now is how we pay for it."
The Government is already consulting on electricity market reform, which the CBI believes is a "positive start", but it called for further action. "It is particularly important that the planning system delivers timely decisions and there are no more sudden policy shifts as we saw with the Carbon Reduction Commitment," Ms Hall said.
Beyond a long-term plan to increase low-carbon investment in Britain, the CBI said that, until the establishment of the Major Infrastructure Planning Unit, the Infrastructure Planning Commission needed to make decisions on the backlog of energy infrastructure projects waiting approval.
The planned Green Investment Bank also needed to issue bonds "as soon as possible" to provide a bridge between pension funds and technologies that needed huge amounts of capital, it said.
Britain's spending of about £2bn on cutting carbon emissions has failed to match that of other European countries during the recession. "The scale of the investment needed was never going to be solely met by the public purse," the CBI said. The CBI report was drawn up with the accountancy group Accenture.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...