The UK is missing out on the significant economic benefits offered by the worldwide transition towards low carbon technologies, according to Lord Mandelson.
The former Labour cabinet minister made his comments at the launch of a recent report from six of the UK’s leading development and environment groups, comprising Catholic Aid Agency for England and Wales (CAFOD), Christian Aid, the Green Alliance, Greenpeace, the Royal Society for the Protection of Birds (RSPB) and the World Wide Fund for Nature (WWF). The report claimed that green investor confidence in the UK was falling rapidly because of government cuts.
In his speech, Lord Mandelson said that the Conservative government is failing to deliver long-term policies designed to capitalise on the global shift towards low carbon technologies, which may end up harming the UK economy if it continues much longer.
The government's approach since the election has been dominated by a series of cuts to renewable support schemes.
Many operators, manufacturers and investors are seeing only an amber light when they look at the UK at a base to invest. This is something the government needs to rectify or I think decarbonisation risks being a major missed opportunity for the UK.
We need to show some long term vision otherwise amber I'm afraid is going to turn to red and that spells real disaster, not just for this sector but for the future industrial base of our country and therefore our prosperity and the well-being of all our citizens.
Damningly, the report stated that, between 2013 and 2016, spending on high-carbon infrastructure projects in the UK increased by 20%, but funding for low-carbon infrastructure projects fell from 71% to 46% in the same period.
For more news, views and reviews on funding and support for the UK sustainable energy sector follow us on Twitter @RBSIF.
Security may be required. Product fees may apply.