Investment in green supply chain jobs and infrastructure totalling £550 billion may be required if the UK is to meet its 2020 climate change and renewable energy targets, it has been claimed.
Barriers such as insufficient capacity in the debt capital markets, risk around new technologies and difficulties with financing large numbers of smaller projects make it unlikely the UK can achieve its climate change targets, according to a report by the Green Investment Bank (GIB) Commission.
The report states the government will need to intervene to speed up the UK's low carbon programme in order to meet its emissions targets.
Currently, the EU wants all member states to make greenhouse gas emissions cuts of 20 per cent of 1990 levels by 2020, and increase the share of renewable energy by 20 per cent.
Commenting on the GIB report, RenewableUK chairman Andrew Jamieson said: "I call on our stakeholders, in government and regulation, to protect our fragile investor confidence."
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