Environmental Audit Committee report strengthens case for new energy investment

A new report from the House of Commons Environmental Audit Committee has warned that falling investment in clean energy infrastructure challenges our ability to meet climate change targets, strengthening the case for a new financing model.

Responding to the report Prospect senior deputy general secretary Sue Ferns said:

“The need to invest in new clean energy infrastructure is clear, both in order to secure the future of our energy supply and to ensure the UK does not miss our carbon emission targets.

“This latest parliamentary report is right to emphasise that investment in new projects is falling and to highlight the issue of the cost of raising capital to finance new projects.

“We have been making the argument to government that a new financing model is needed, with government taking a direct stake in new projects like the Swansea tidal lagoon and new nuclear power stations in order to bring down costs and decrease the risk burden on the private sector, and this report further strengthens this case.

“If the government do not listen and persist with the current model, we risk a situation where the UK is dependent on imported energy in the future.”