Clean energy currently contributes about 8% of the UK’s electricity supply. The UK Government is committed to producing 15% of our energy, about 35-40% of our electricity, from renewable sources by 2020.
It has been estimated that some £550 billion could be required for the UK to hit this target, and that a new public financial institution needs to be created to hasten the timely transition to a low carbon economy.
An independent and well-capitalised Green Investment Bank with the ability to issue bonds could leverage much greater investment from the private sector. Its remit should cover energy efficiency and the full mix of renewables, from off-shore wind to community-scale generation.
Without Government support for clean energy we risk an uncertain future where opportunities for job creation are not realised and the threat of dangerous climate change remains unchecked.