Investment in renewable energy industry threatened by Spring Budget

Chancellor of the Exchequer, Jeremy Hunt today (March 15) announced his Spring Budget.

Responding, Scottish Renewables’ Chief Executive Claire Mack: said:

“The renewable energy industry has been short-changed by today’s Spring Budget.

“We urgently need a framework that will encourage investment in what is one of the UK’s most dynamic and fastest-growing industries and is at the forefront of the clean energy transition.

“We are faced with widespread uncertainty and increasing international competition so we must be much more ambitious if we want to deploy the renewable energy projects we need to safeguard our energy security and meet our net-zero targets.

“We welcome reform of the capital allowance regime but this will only last for three years. We need a comprehensive review of the capital allowance regime and clarity on its long-term stability to maintain the UK’s position at the forefront of the clean energy transition.

“Other places in the world will benefit from the unparalleled economic and environmental benefits that clean energy investment promises to deliver and the UK needs to match these incentives.

“That hasn’t happened in today’s Spring Budget but we hope to see further announcements from the UK Government later this month which will ensure the UK remains an internationally competitive investment destination for renewable energy.”

Notes

• More information on the Spring Budget is available from the UK Government.