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Government renewables policy not going far enough to attract investment

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EY, formerly known as Ernest and Young, have criticised the government in a recent report, stating that they are not going far enough to attract investment into renewables and focusing on shale gas over biomass power.

The UK comes in at fifth position on EY’s ranking of countries based on their attractiveness for renewables for investment, dropping from fourth position last year.

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A series of government announcements over the summer has improved prospects and contributed to increased levels of activity in the UK renewables sector, according to EY’s report, however they claim that the defeat of a proposed 2030 decarbonisation target had ‘undermined confidence in the government’s commitment to renewable energy’.

EY also said that the move to shale gas appeared to be ‘at the expense of biomass power’.

Ben Warren, environmental finance leader at EY said: “The flurry of government announcements has been welcomed with a sigh of relief by the sector and contributed to the current hiatus of activity and the UK’s improved position in our index.

“But, what we are witnessing is nothing more than basic, isolated measures that had been stalled for way too long.”

“While these announcements come as a pleasant surprise, this is no time for complacency, as important pieces of the jigsaw are still missing if we want to produce an attractive framework,” he added.

 

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