Green tech faces ‘valley of death’ without public funding
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Environmental targets could be unattainable without government investment in energy efficient technologies, says Committee on Climate Change
The UK must significantly increase its investments in green technologies if it is to achieve its target of cutting emissions by 80% before 2050, the Committee on Climate Change has warned.
The independent climate change watch dog says that energy efficient technology initiatives – including smart grids and meters – risk falling into a “valley of death” without government backing.
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The warning follows the announcement last week that the Department of Energy and Climate Change would be cutting £34 million of investments into technology-based projects.
“With adequate funding, new policies and strengthened delivery arrangements, we would expect UK firms to take leading roles in the development of key technologies, driving down emissions to meet carbon budgets and targets, and fulfilling the new Government’s clear objective to build a low-carbon economy,” said professor Julia King, member of the Committee on Climate Change, in a statement.
At present, the government spends approximately £550 million per year on the research and development of green technologies in the UK.
