Investment in renewables in the UK is expected to drop by 96 per cent by 2020/21, the Green Alliance think tank has warned.
In a report, six groups including Green Alliance, RSPB, WWF and Greenpeace, have called for new investment in low carbon projects in the government’s next Autumn Statement.
According to environmental groups, total investment in domestic energy efficiency declined from £1.5 billion to £0.7 billion in 2015 and the number of energy efficiency measures installed in homes fell by 80 per cent in the same period, due to current energy policies.
The groups have urged the government to allocate an additional £2 billion funding to support low carbon power post-2020 and funding to scale up low carbon heat technologies, also suggesting that the government continue to support people in buying ultra low emission vehicles beyond 2018 and develop a nationwide network of publicly accessible low carbon charging points.
It argues that the renewables industry could attract £47 billion in new investment from 2021 to 2026 and retrofitting the UK’s housing stock to improve its energy efficiency could unlock £73 billion and support 86,000 jobs a year.
Leah Davis, acting director at Green Alliance said: “The Autumn Statement is an ideal opportunity for the government to show it is serious about action at home, providing much needed fiscal support for low carbon power, heat and transport.”