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.