Budget comment – Low carbon economy good news for South West

Ian Holyoak, head of Michelmores' renewable energy team, welcomes the Government's announcements concerning a low carbon economy revealed in yesterday's Budget Report.

The Prime Minister had pledged to make this the greenest government ever including pledging to reduce the Government's own emissions by ten per cent between mid-May 2010 and mid-May 2011.

As part of Government's commitment to a low carbon economy, the UK needs £200 billion of investment to 2020 to provide secure low-carbon energy. The Government has indicated that this will require reform of the energy market and action to attract additional private sector funding.

The South West has a wide range of businesses currently developing low carbon and renewable energy technologies. Regen South West has indicated that the region is home to over 230 businesses and organisations working in renewable energy. The Government's commitment to a low carbon economy can only be good news for the South West region.

As part of the commitment, it has also promised to create a green investment bank. The government will need to create green financial products to provide the opportunity for more investment in low carbon technology.

The Government's commitment to a local carbon economy combined with the recent introduction of Feed in Tariffs will we hope bring more investment opportunities for renewable energy and low carbon technology businesses in the South West.

For more information, contact Ian Holyoak at ian.holyoak@michelmores.com.