An alliance of some of the UK’s top businesses has written to Chancellor George Osborne to tell him that the Government must set a 2030 carbon target for the power sector to stimulate economic growth.
In a letter from the Aldersgate Group, and signed by companies including ASDA, Aviva, Biffa, edf Energy, Grant Thornton, Microsoft, Sky, Triodos Bank and Veolia Environmental Services, the alliance said that only greater clarity from the Government can unleash the £110 billion investment required to transform the UK’s electricity infrastructure and drive wider economic benefits.
Aldersgate Group chairman Peter Young said: “The message of the letter is loud and clear. We must put an end to any political uncertainty surrounding the UK’s green energy future and start unleashing the billions of pounds of overdue investment which will deliver new growth for the economy.
“Both the Labour and Liberal Democrat parties understand this huge growth opportunity and backed a 2030 carbon target for the power sector at their party conferences. Now the Conservative Party must step up to the mark and provide the cross-party support which businesses have been calling for.”
In the letter, the alliance of businesses said: “The UK’s economic growth, competitive advantage and the health of our job market will increasingly be determined by our response to climate change, energy security and commodity price volatility.
“Failure to act at a sufficient scale and pace will undermine our prosperity and cause us to miss out on the huge commercial opportunities associated with the global shift to a low carbon, resource efficient economy…
“The signatories of this letter support the recommendation by the Energy and Climate Change Committee that the Government should set a 2030 carbon intensity target for the power sector in secondary legislation, with a reference to this in the next draft of the Energy Bill.”