This week’s Budget provides a vital opportunity for George Osborne, the UK chancellor of the exchequer, to boost economic growth and employment by stimulating investment in cleaner and more efficient energy for homes and businesses.
The government has estimated that more than £100bn needs to be invested in electricity generation by 2020 to replace ageing power stations with infrastructure that is more efficient and less polluting.
But the private sector is still holding back because of uncertainties about the direction and pace of government policies. In particular the announcement last year that the government was reviewing the UK’s targets for reducing greenhouse gas emissions by the mid-2020s created doubts about the commitment to the development of low-carbon energy. Continue reading »