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The Low Carbon Economy Ltd

08 Sep 2008 05:09:36

Green energy revolution needed to fight recession

Green energy revolution needed to fight recession
A "green energy revolution" funded by a windfall tax on energy providers and by issuing bonds is needed to help the UK out of the current crisis, according to the Green Party leader.

Caroline Lucas, MEP for South East England, was recently elected leader of the party and the day after told the conference of a Green New Deal designed to avoid recession.

The plan, drawn up including former Friends of the Earth directors the Guardian economics editor and founder of solar energy firm Solarcentury, calls for £50 billion investment into energy conservation and renewable energy.

The project would be funded by a windfall tax on energy companies and local authorities would be allowed to sell bonds to raise money for projects.

She said: "The core [of the plan] would be a 21st century project to make the nation's buildings truly energy efficient, with local authority bonds being issued to raise the necessary funds for a major investment in insulation, efficiency and renewables, creating hundreds of thousands of jobs in the process."

The government has set a target of ten per cent of energy coming from renewables by 2010.

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