Attractiveness of UK for Renewable Energy Investors Plummets

According to a new report by Ernst & Young (EY), interest in the UK with regard to investment in renewable energy has fallen to an all time low.

In the mid-2000s, the UK often topped the league for renewable energy investment but it has now fallen to 13thplace in EY’s Renewable Energy Country Attractiveness Index (RECAI). The reasons for this fall in interest are depressingly clear, including political hostility to clean energy and environmental action, slashing of clean energy subsidies by central government in favour of tax breaks for North Sea oil, nuclear power and shale gas. The report concludes that as a result, investment worth tens of billions per year in clean energy projects will be lost to the UK.

UK Government Renewable Energy Policy Leaves “Investors And Consumers Baffled,” EY States

The most recent Renewable Energy Country Attractiveness Index put out by EY highlights the dangers of the UK Government’s current renewable energy policy.

EY published its quarterly Renewable Energy Country Attractiveness Index (RECAI) this week, which saw a major reshuffling of its top 10 most attractive countries in terms of their renewable energy potential and growth. One of the biggest losers in the RECAI was the United Kingdom, which dropped out of the top 10 for the first time since the RECAI was first established in 2003. Specifically, according to EY, “A wave of policy announcements reducing or removing various forms of support for renewable energy projects has left investors and consumers baffled.”