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The Low Carbon Economy Ltd

13 Nov 2008 06:11:26

UK must spend ten times more on green tech

UK must spend ten times more on green tech
Government has been urged to commit more to funding green technology research and development so the UK can lead in new markets worth $1 trillion (£681 billion).

The Confederation for British Industries has told the government to boost its current investment of £250 million in low-carbon technologies by a factor of ten.

A report out today argues that in order to meet the ambitious target of 80 per cent carbon dioxide reduction by 2050 set out in the Climate Change Act, drastic action is needed.

"It will take a coordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy," said Neil Bentley, business environment director at the CBI.

"With increasing globalisation, the UK has an opportunity to enter and lead in new markets estimated at $1 trillion."

He warned that there seems to be "general lack of ambition" and said the UK must act now to become a leader in the world low carbon economy.

US president-elect Barack Obama campaigned on a platform of heavy clean tech investment to create five million green collar jobs.

The UK government has been warned to keep ahead or risk loosing out to the US.



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