Ed Davey, Energy Secretary defended the Energy Bill saying that it would give certainty to investors.
In a letter to The Independent, Davey said “The Energy Bill WILL make the UK’s electricity supply green”although the government haven’t committed to setting a decarbonisation target in 2014.
He also said that it would make sense to set a decarbonisation target in 2016, after the fifth carbon budget has been set and added “In any case, we’re already bound by law to cut emissions across the whole UK economy by 50 per cent by 2025, and the Energy Bill will bring about substantial decarbonisation of the power sector as part of that.”
Davey said that the strong cross-party consensus behind the bill should give investors ” huge confidence” which hits back at critics who said that not setting a decarbonisation target until 2016 won’t give the investors any certainty.
This comes after the voting down of an amendment tabled by the Energy and Climate Change Committee chair Tim Yeo and Labour’s Barry Gardiner to push for a decarbonisation target to be set by 1st April 2014, by 290 votes to 267.