05 May 2011 10:05:17
Government buy-in is essential to achieve low-carbon transition
Green Energy Parks' managing director Chris Williams welcomes the CBI report on the UK's low-carbon infrastructure
28th April 2011—Following the publication of the "Risky business: investing in the UK's low-carbon infrastructure" report this week by the CBI, GEP's managing director Chris Williams argues that the sooner the government becomes an "enabler" for green investment, the sooner a low-carbon transition can be realised.
Speaking today Chris Williams said: "For too long there has been a void between policy and progress in the renewables sector, with the political will for low-carbon transition unmatched by the financial incentives needed to deliver it. For small-scale developers it remains very difficult financially to enter into the sector, with significant expense and risk associated with the planning and pre-construction phases."
"If the government hopes to achieve the ambitious targets that we have rightly set ourselves as a nation, it has an important role to play in sharing and reducing that risk and making long-term investment in the UK renewables sector an attractive option. The CBI report rightly identifies that the Green Investment Bank presents a real opportunity for government to take this responsibility and be "exposed to low-carbon projects", thus buying into their successful development. If government were to guarantee Green Investment Bank bonds – as the CBI suggests – this would open up a highly effective, low-cost funding stream for the sector, without impacting heavily on the public purse."
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