Fast FiTs reduction could cost UK £750m in new green technology
08 June 2011
While cuts to the Feed-in-Tarrifs (FiTs) will save utility companies millions in reduced subsidy payments, the renewable energy and sustainable development business, Oxford Sustainable Group estimates the loss to the overall economy could be around £750m in inward investment for new green technology, basing its thesis on an expected reduction in solar projects, which will now not be funded.
The Oxford Sustainable Group is an experienced developer and investor in the UK solar market having founded ISIS Solar – the leading UK solar brand for domestic solar, and more recently Sol et Libre – the UK’s only second generation solar company - which aims to give domestic customers on the south coast of England free solar plus a cash incentive.
“The change in FiTs does not affect us, but it does seem unusual that just a few months after British Gas announced a 24% rise in profits from its trade in fossil fuels, the UK decides to create uncertainty for investors in clean energy,” said Hadley Barrett (pictured), CEO of the Oxford Sustainable Group. “With the correct policies, the UK has a unique chance to lead Europe in sustainability and energy. This is a key industry for the coming decade, but currently the UK is lagging behind. Unfortunately, the sentiment amongst our investors following the policy review is that there are more stable opportunities outside of the UK right now."
For more information about The Oxford Sustainable Group click here.