Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK set to miss net zero goals without private sector investment, warn MPs

by June 22, 2023
June 22, 2023
UK set to miss net zero goals without private sector investment, warn MPs

The government must do more to unlock private investment for green projects or risk missing its decarbonisation targets, according to a new report from a committee of MPs.

A new report from the Public Accounts Committee entitled Decarbonising the power sector has called on the government to provide a more coherent delivery plan to lure investment into renewable projects in order to help remove fossil fuels from the country’s electricity system by 2035.

The committee said that it was not convinced that government is providing enough clarity to the private sector to attract the investment that is necessary to build infrastructure, spur innovation and drive competition to lower costs.

The group also warned that energy security secretary Grant Shapps still has “a lot to do if the government is to achieve its ambition.”

To meet this goal, the panel cautioned against further policy instability, including the imposition and frequent tinkering with the windfall tax, and the stop-start nature of initiatives such as the green homes grant voucher scheme, which have eroded investor confidence in government.

They also believed that the government needs to bring together its raft of energy plans into one single coherent strategy so it can better communicate to investors where funds should be directed.

Responding to the report, Laimonas Noreika, CEO of ClimateTech company HeavyFinance said: “The race to hit net zero targets requires more than just good intentions, it relies upon extensive investment, overhauling of existing infrastructure and a long-term commitment to environmentally friendly business practices.

“Many companies are keen to improve their green credentials, but without access to financial support to drive change, they are struggling to stay on track. Only by unleashing investment and setting out a clear action plan for change will the UK be able to accelerate its journey, reducing emissions and embracing renewable technologies for the long term,” added Noreika.

The report also said that the department should set out in the delivery plan due later this year how it will provide greater clarity to the private sector to encourage the investment it needs to decarbonise the power sector.

“We have already attracted £120bn of private investment in renewables since 2010 and expect to attract a further £100bn of investment which will support up to 480,000 jobs by 2030,” a department for energy security and net zero spokesperson said.

Read more:
UK set to miss net zero goals without private sector investment, warn MPs

0
FacebookTwitterGoogle +Pinterest
previous post
Pennsylvania eyes looser medical marijuana regulations
next post
Oliva secures €5m to expand workplace mental health support

You may also like

Change of course at Clipper Ventures as owners...

November 14, 2022

How to work on your web content with...

July 24, 2023

Simply Asset Finance Achieves Record Revenue as SMEs...

May 13, 2024

Female leaders being overlooked for top fintech jobs,...

April 17, 2023

Homeworking matches salary as priority for recruits, says...

September 27, 2022

Oil, smoking and driverless cars: 21 laws unveiled...

November 7, 2023

Paris hotels see surge in revenue as Olympic...

August 1, 2024

Wetherspoons closes more pubs with dozens across Britain...

August 1, 2023

The Trends Impacting UK Businesses in 2025

December 19, 2024

UK economy shrinks by 0.3% as market volatility...

October 12, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved