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The Low Carbon Economy Ltd

19 Mar 2010 12:03:05

Govt money needed to support low carbon technology, says new report



Govt money needed to support low carbon technology, says new report
The government needs to adopt a more "interventionist" approach to make the UK an attractive place for investors in low carbon technology, according to a report published yesterday (March 18th).

Eight engineering industry bodies, including the Royal Academy of Engineering, have called on the government to improve the regulatory framework for the UK's manufacturing base, particularly with regards to the future price of carbon.

Uncertainty around the price is described as "the single biggest barrier to investment in low carbon innovation".

Further research into low carbon technology needs to be funded by the government, in order to support the 2050 goal for cutting carbon emissions by 80 percent on 1990 levels.

The report claims "technology must make a major contribution to achieving the UK's climate change objectives…and in doing so can rebuild sections of Britain's manufacturing base".

Some of the recommendations outlined in the report included extending support for high-cost projects such as carbon capture and storage and making current research into technologies such as marine and tidal power result in commercial products.

While the UK's research base is strong, there has not been enough done to support the transition between applied research and commercially exploitable products and services, claim the report's authors.

http://tinyurl.com/y8nnqo2


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