The announcement in today’s Queen’s Speech of the establishment of the Green Investment Bank and the Electricity Market Reform Bill was hailed as an important, albeit belated, step towards steering Britain to a low-carbon future by Mark Kenber, CEO of The Climate Group.
However he added that the measures should be clearly understood to be an important investment in Britain’s economy, and called on the Government to clarify its plans to fund the measures.
“This is a positive step after two years of lack of direction on the environment and the low carbon economy – but we need more details on the government’s funding commitments.
“The world’s low-carbon energy market is expected to triple to almost £1.4 trillion by 2020. There is a window of opportunity here and now for Britain. We cannot afford any more delays in kick-starting the much-vaunted green investment programme without running the danger of leaving the UK lagging further behind in the global market place.
“Today’s announcements represents a potentially important investment in Britain’s future, and also the global economy. However it cannot be a half-hearted effort. It needs to be backed with real money if we are to take full advantage of the benefits of a clean economy in terms of new jobs and enhanced energy security.
“The Coalition faces a critical choice: be a premier nation in the new global economy, or face relegation to second tier status. Today’s Queen’s Speech is a step in the right direction. However the success of these measures will be dictated by the degree to which the government is prepared to invest in them.
“The Government needs to provide clear leadership on the low carbon economy. This is the only way to attract investment, spur economic growth, create more jobs and lower energy bills.”
For further information contact:
The Climate Group
Nicholas Mandalas / Melanie Bradley
Tel: +44 (0)20 7960 2715