UK Government Committed to Renewable Energy Sector

Wed, 08 August 2012

The UK government is "unreservedly committed" to a green economy and has announced a £100 million investment to help encourage domestic and foreign investment in Non-Domestic Energy Efficiency projects.

Nick Clegg told an energy conference in London that the UK will not get left behind in the global evolution of renewable energy sources and he insists that ministers are dedicated to a low-carbon economy.

The Deputy Prime Minister said: "The UK is the sixth largest market in low carbon goods and environmental services and this Coalition Government is unreservedly committed to helping our low carbon sector thrive-no ifs, no buts. We seek nothing less than a clean, green, low carbon economy."

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It was expected that he would highlight just how important the renewable energy sector was for stimulating investment in the UK as well as creating jobs. And he told the summit that Britain will meet its carbon reduction targets "but not go any further or faster than other countries, to avoid putting itself at a competitive disadvantage."

The UK's set target is to lower its greenhouse gas emissions by at least 34% by 2020 and by 80% by 2050. The £100 million investment will reportedly be provided to two specialist fund managers.

Edward Davey, the UK Secretary of State for Department of Energy and Climate Change( DECC), added: "The UK Government is taking the necessary steps to develop a secure, clean energy mix, and this is opening up massive, long-term investment opportunities."

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