Britain's claim to be a world leader in green energy investment has been called into question by an authoritative new study that will embarrass ministers as they prepare to launch an important climate change initiative tomorrow.
A report from Deutsche Bank says that the UK does not have the right climate change strategy to attract international investment and is lagging behind other countries, such as Germany, France and China.
Britain's energy strategy lacks the level of transparency and certainty required to encourage investment, according to Deutsche Bank's study on the best places to do business. It comes as ministers prepare to launch six draft national policy statements on energy and climate change policies tomorrow.
“What investors want is transparency, longevity and certainty – TLC – in policy regimes to mobilise capital,” said Kevin Parker, global head of Deutsche Bank's asset management division, which is based in New York.
“Many major emitters such as the US and the UK do not have enough TLC in their policy frameworks. Our rankings show that China has a lower risk for climate change investors, as does Germany, but the research also shows that in order to avoid catastrophic climate change, they have demonstrated their ability to deliver scale.”
The Department of Energy and Climate Change said its host of new initiatives to streamline planning and ensure the building of new infrastructure, such as clean coal plants, is proof of its positive commitment to moving to a low-carbon economy.
