Government makes no commitment to address collapse in clean energy investment

30 July 2018

The Environmental Audit Committee publishes the Government’s response to its report Green Finance: Mobilising Investment in Clean Energy and Sustainable Development.

Chair's comments

Chair of the Environmental Audit Committee, Mary Creagh MP:

"The Government is coasting on climate change. It is currently relying on past successes to scrape by on its carbon budgets and is not even on track to meet them in full.

“We have made progress in clean energy over the last decade, but there has been an alarming collapse in investment in the last year. Meanwhile, little is being done to channel clean investment into areas like transport, industry and heating where emissions need to be cut in the coming years.

Global investment in renewable energy fell by 7% in 2017, according to the International Energy Agency, however the figure was much higher in the UK. According to figures from Bloomberg New Energy Finance, clean energy investment in the UK fell by 56% in 2017.

The Government’s response:

  • Makes no commitment to address the dramatic collapse in the UK’s clean energy investment since 2016
  • Makes no commitment to publish a delivery plan to achieve the UK’s fourth and fifth carbon budgets in full.
  • Concedes that further evidence is needed to support its proposed policy of ‘green mortgages’.
  • Claims that it is prepared for the possibility that the UK may lose European Investment Bank funding

Further information

Image: iStockphoto

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