The UK recently dropped from 3rd to 13th place in the global ranking of renewable energy investment*. The fall in investment is another symptom of the financial pressure the UK is under but with European emissions targets remaining inflexible the UK faces a tricky balancing act. How can targets be met without the funding?
There is another way to look at Government spending which makes it seem relatively generous compared to countries such as China, ranked 1st in the investment list. Last year China and the UK spent approximately £34bn and £2bn respectively. If you compare these amounts with the number of people in each country, the UK is actually spending about £7 more per person.
CIPHE Operations Director Kevin Wellman commented, “There is still enormous pressure on the public and private purse but there’s also a lot that can be done to meet emissions targets and cut our energy bills. Registered Plumbers and Heating Engineers have a responsibility to educate members of the public about the Government schemes and grants which may be of benefit to them and the environment.”
The UK’s annual investment comprises Feed-in-Tariffs, the Renewable Heat Incentive and Green Deal which are all aimed at encouraging the use of renewable energy or other methods of reducing C0₂ emissions. VAT on renewable energy systems remains fixed at an attractive 5%.
Added Kevin, “The UK still has a lot to offer in terms of supporting renewable energy, despite the drop in investment. The CIPHE is ideally placed to make sure that reducing carbon consumption and emissions remain on the country’s agenda no matter what the economic fluctuations.”
*Figures taken from http://www.guardian.co.uk/environment/2011/mar/29/uk-global-green-investment-rankings