UK signature businesses Tesco, BT, Marks & Spencer and others have warned British Prime Minister David Cameron that investor confidence will drop if green energy is cut continuously. The businesses argue that they would need a UK government guarantee that businesses can invest in low-carbon technologies.
The businesses said that scaling back solar power, wind energy and low-carbon technologies support risks tech and consumer businesses to investment risks.
“Regular changes to environment policy undermine confidence in investment in infrastructure of all kinds and impact on the UK’s ability to continue competing in the rapidly growing low carbon sector,” the letter warned.
The letter was a response to the long-running £1bn carbon capture and storage (CCS) demonstration being immediately dropped just before the COP21. Hundreds of pounds in foreign investment from the White Rose CCS Scheme in Yorkshire, wherein most investors were businesses, places them at risk of investor troubles.
The government announced early November that it would provide support for new offshore windfarms as far as 2020 to guarantee 20GW of wind power by 2030. But without the industry’s ability to reduce costs to energy due to the lack of government support for low carbon, the objective is a ways off.