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The Low Carbon Economy Ltd

27 Apr 2009 05:04:07

UK urged to focus on single renewable energy technology

UK urged to focus on single renewable energy technology
An investor in the low carbon economy has urged the UK government to select a single source of renewable energy on which to focus all of its resources.

According to New Energy Focus, entrepreneur Eddie Hyams told those in attendance at a renewables seminar in London last week that the UK must stop spreading its resources too thinly across many different technologies.

The event, which was organised by clean information technology provider Carbon International, tasked delegates with discussing ways ways of making renewables more 'investable'.

Mr Hyams, a partner in private equity company Englefield Capital, was quoted by the website as suggesting that the current approach to funding is too indiscriminate.

"The government are using what I'd call 'pay and spray', with lots of little bits here and there," he said.

"What the UK has got to do is decide which technology it wants to be good at and then focus on that."

However, the expert argued that some investors can be too harsh when forming opinions of government funding policy for renewables, as illustrated by reactions to the recently announced Budget.

Chancellor Alistair Darling's 'carbon Budget', unveiled on April 22nd, contained £1.4 billion of funding for the low carbon sector, including £525 million over the next two years for new offshore wind schemes.

It has been met with a mixed response from environmentalists, however, as a result of what My Hyams described as a greater understanding of the "political intricacies" in the UK compared to other countries.



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