UK: GIB Needs to Rethink About Its Strategy for Renewables Investments

Maria McCaffery, chief executive of trade body Renewables UK, will use the opportunity on wave and tidal conference in Edinburgh to warn that The Green Investment Bank needs to think again about its strategy of avoiding investment in early-stage renewable energy projects.

That strategy could be unfavorable for reaching the UK government’s 2020 renewable energy targets.

It is necessary to invest more in renewables, so the industry could rise up to 300MW by 2020,and the total of £38m investment should be stepped up to £120m.

McCaffery said: “The UK is still a world leader when it comes to wave and tidal power, even with just 8MW. But other countries – like Canada, China, Portugal and the United States – are catching up with us and we need to invest now to make sure the first large-scale devices are built and deployed in the UK.”

[mappress]

Offshore WIND  Staff, March 12, 2012; Image: pelamiswave