The UK has slid down one place to eighth in EY’s Renewable Energy Country Attractiveness Index (RECAI) amidst Brexit uncertainty.
The consultancy giant’s latest update, for Q3 2018, attributes a 46% year-on-year drop in investment within the quarter to sweeping uncertainty as the country’s Brexit negotiations show little sign of meaningful progress.
EY said that there had been a marked downturn in investment appetite with growing concerns that a no-deal Brexit could impact power exports and the cost of imported technologies.
Furthermore, EY also concluded that there were “few positives” to take from the UK government’s recent Budget announcement, with little in the way of encouragement for renewables and low carbon transport.
Indeed last week’s Budget attracted the ire of the low carbon economy. Many lambasted chancellor Philip Hammond for failing to mention climate change during his speech and HMT’s red book documents fail to make a single mention of renewable energy.
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