The attractions of Britain for investors in renewable energy projects are at an all-time low, an authoritative new report has found.
The UK routinely topped the annual league table for attractiveness to clean energy companies, run by consultancy Ernst & Young (EY), in the mid-2000s. For the first time, however, it has slid to 13th in the global rankings.
Investors in renewable energy are being put off the UK by political posturing hostile to renewables and green efforts, and the slashing of government support for clean power supplies, in favour of potentially more expensive alternatives such as shale gas and nuclear power.
European clean tech industry falls into rapid decline
Investment in low-carbon energy in Europe last year plummeted by more than half to $58bn, the lowest level in a decade, analysis shows
Europe’s once world-beating clean technology industry has fallen into a rapid decline, with investment in low-carbon energy last year plummeting to its lowest level in a decade.
The plunge in European fortunes comes as renewable energy is burgeoning around the world, with China in particular investing heavily.
As recently as 2010, Europe made up 45% of global clean energy investment, according to Bloomberg New Energy Finance (BNEF), which examines the sector. But after peaking at $132bn in 2011, investment in the EU plunged by more than half, to 18% of the global total, or $58bn, in 2015.