Government “moving the goalposts” for green investors

Chancellor George Osborne has spoken out in support of renewables and energy efficiency as playing a significant role in reducing the cost of energy. He continued to ward that freezing the Carbon Price Floor was undermining investment in the alternative sources.

In response, REA Chief Executive, Dr Nina Skorupska said:

“We welcome the Chancellor’s acknowledgement that the way to bring down energy costs over the long-term is to invest in home-grown energy sources, including renewables, as well as energy efficiency. The Budget’s acknowledgement of a need to ‘reform and strengthen’ the EU Emissions Trading System is also welcome. But the new, short-term measures announced today in the energy sector do not reflect this ambition – and there is much more in this Budget to please fossil fuel companies than the green economy.” “By freezing the Carbon Price Floor, the Chancellor is rowing back on his own policy and once again moving the goalposts for investors in green energy. Government must explain in black and white how investment in renewables is protected from the freeze, or risk undermining the investment required to replace ageing coal power stations with technologies that can keep the lights on without damaging the climate.”