CBI demands green investment
Research from the organisation has claimed green investments could add £20bn to the UK economy by 2015, but warned current uncertainty over the government’s commitment to the sector could see Britain miss out on important investment.
“The so-called ‘choice’ between going green or going for growth is a false one,” said CBI director general John Cridland. “We are increasingly hearing that politicians are for one or the other, when in reality, with the right policies in place, green business will be a major pillar of our future growth.
“Get our energy and climate change policies right, and we can add £20bn extra to our economy and knock £0.8bn off the trade gap, all within the lifetime of this Parliament.”
The UK’s green market accounted for £122bn in 2010-11, the report found, representing around 8% of GDP.
Among the recommendations of the report to maintain the growth of the green economy is for the Green Investment Bank to be given power to raise funds from the capital markets “as soon as is fiscally possible”. it also suggested priority projects should be eligible for direct government investment to help them get off the ground.