Government 'should encourage private investment in green energy'

The government has been urged to do more to make the renewable energy sector an attractive proposition for private investment.

With ministers having repeatedly pledged their commitment to green energy projects such as wind and wave farms over recent months, some analysts have pointed out that a massive injection of private wealth will be needed alongside public money in order to meet ambitious renewable power targets.

However, according to a new report from the Association of Chartered Certified Accountants (ACCA), the government is still ’not doing as much as possible’ to encourage businesses and private wealth investment fund managers to put their money into the burgeoning sector.

Commenting, Vicky McAllister, ACCA’s sustainability adviser, said: ’In terms of its investment potential in renewable energy, the UK needs to do more if it is to achieve EU ’20/20/20’ targets.

’Investment in renewable energy and low carbon technology is key if the UK is to meet its share of the commitments.’

Just recently, however, the CBI called for less emphasis to be placed on wind energy, with investors instead to be encouraged to put their money into helping the UK to become a world leader in clean coal and nuclear power.
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