REA comments on Budget 2014

Chancellor’s policies do not match green rhetoric.

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Chancellor George Osborne has hailed the role of renewables and energy efficiency in reducing energy costs – but risks undermining investment in renewables by freezing the Carbon Price Floor. Responding, REA Chief Executive Dr Nina Skorupska said:

“We welcome the Chancellor’s acknowledgement that the way to bring down energy costs over the long-term is to invest in home-grown energy sources, including renewables, as well as energy efficiency. The Budget’s acknowledgement of a need to ‘reform and strengthen’ the EU Emissions Trading System is also welcome. But the new, short-term measures announced today in the energy sector do not reflect this ambition – and there is much more in this Budget to please fossil fuel companies than the green economy.

“By freezing the Carbon Price Floor, the Chancellor is rowing back on his own policy and once again moving the goalposts for investors in green energy. Government must explain in black and white how investment in renewables is protected from the freeze, or risk undermining the investment required to replace ageing coal power stations with technologies that can keep the lights on without damaging the climate.”

 

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