The REA says it is keen to see recognition by the chancellor that renewable energy projects are ‘shovel ready’ and have a lead role to play in driving jobs and growth.
Tory grandee Lord Heseltine has also recommended that government needs “to set out a definitive and unambiguous energy policy, including the supporting financial regime, to give the sector the certainty to invest” – further fuelling the REA’s optimism ahead of today’s budget announcements.
The REA would like to see concrete announcements on the following:
-Renewables infrastructure investment
-RHI budget extension from 2015 to 2020
-Carbon reduction commitment
-Business rates freeze
-No increase in VAT from 5 per cent on domestic energy products
-Marine renewables tax break
-Zero carbon buildings policy
-Landfill tax escalator
REA chief executive, Gaynor Hartnell, said: “Lord Heseltine understands strong energy investments will underpin successful economic growth – and he sensibly recommended that government seeks to boost long-term certainty for investors. After conflict with DECC on energy policy, the chancellor has an important role to play to establish confidence in a more consistent and supportive political landscape. We very much hope to hear positive rhetoric from him on renewables and, even better, some hard measures to boost renewables investment. This would build on his recognition in last year’s Budget speech that renewable energy has a ‘crucial’ role to play.”