Trade association Energy UK has called on the UK Government to introduce renewable investment measures to compete with the US’ Inflation Reduction Act (IRA).
According to the firm’s Funding the Future report, the UK must scale its investment in the clean energy sector and incentivise its development to compete with other countries around the globe. Failing to do so could see the UK lose its “world-leading” position in the clean energy economy.
The report identified the EU and US as major competitors to the UK. Both have released “landmark” legislations such as the US’ IRA package and the EU’s Green Deal Industrial Plan, RePower EU and Recovery Resilience Funds, all of which support the creation of a healthy clean energy market and are already attracting significant interest from investors around the globe.
The UK, however, has been lagging behind and inconsistencies with governmental policies has plunged the nation into an uncertain future. Energy UK stated that “although the UK is currently a dominant player in offshore wind and is the only economy out of the world’s eight largest to produce more electric and hybrid vehicles than traditional cars, it is also forecast to have the slowest growth in low-carbon electricity generation of these economies between now and the end of the decade”.
Read more: Current+
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