The largest trade association in Britain, the Renewable Energy Association (REA), has welcomed Nick Clegg’s announcement to provide a £100 million fund for green investment that will boost the renewable energy industry and create new jobs.

Making the announcement today, Deputy Prime Minister Clegg said that the multimillion fund will enable the UK Green Investments team (UKGI) to see more domestic and foreign investments to the renewable industry.

Chief Executive of the REA, Gaynor Hartnell, praised the Deputy Prime Minister for his leadership and commitment to the renewable energy sector.

He said: “We need clear leadership from the top of Government on renewable energy, so the Deputy Prime Minister’s unequivocal commitment to renewable energy is very welcome and timely.

“He is quite right that a global energy revolution is underway and we look forward to working with him to ensure the UK fulfills its extraordinary potential.”

However, Mr Hartnell said that the Coalition Government needed a more stable policy framework to make sure the UK’s renewable industry continues to expand, paving the way for green jobs in the future.

Mr Hartnell said: “The Coalition Government needs to do much better on providing a clear and stable policy framework to make sure the UK isn’t left further behind.

“Recent decisions on support levels for renewable power technologies, which have failed to provide the expected certainty out to 2017, together with the uncertain status of the Electricity Market Reform package, do not provide the stable framework that industry needs.”

Do you also welcome Nick Clegg’s intervention to boost the green economy? What else the Government could do to further accelerate green investment and create more jobs? Share your thoughts by commenting here or raising your voice on our Facebook page.

Deputy Prime Minister Nick Clegg has announced a £100 million fund for green investment which will create new jobs in the renewable energy industry.

Speaking to an energy conference in London’s Lancaster House today, Mr Clegg defended the Government’s commitment to support the renewable energy sector, outlining lasting benefits to the UK low-carbon economy.

He announced multi-million contracts by UK Green Investments (UKGI) with fund managers Equitix and Sustainable Development Capital (SDCL) to provide initial capital to encourage foreign and domestic investment in non-domestic energy efficiency.

The Deputy Minister’s announcement was hailed with a £12 million expansion by a recycling firm Closed Loop in Dagenham, East London, that will create and safeguard 100 jobs.

The UK is the sixth largest market in low carbon goods and environmental services in the world. It contributes 3.9 per cent of the UK’s GDP and employs 173,000 people.

The Deputy Prime Minister said that the Coalition Government is ‘unreservedly committed’ to help Britain’s low carbon sector thrive, providing a clean and green economy.

He said: “There is a global energy revolution underway and the UK is not going to be left behind. We’re leading from the front.

“Together we find ourselves at the vanguard of one of the most dynamic, most innovative, most important industries of our time; an industry whose breakthroughs and endeavours will shape our societies for years to come; an industry that will help us build a more stable, more sustainable, more prosperous world.”

What is your reaction to the Government’s £100 million fund that will accelerate investment in the renewable industry and create new jobs?  Share your thoughts by commenting here or raising your voice on our Facebook page.

 

Nick Clegg has announced plans to give some of England’s biggest cities new powers and extra cash in an attempt to boost employment and restore economic growth, the BBC reported today.

During a visit to Yorkshire, the Deputy Prime Minister revealed the government will transfer more economic controls to local authorities under city schemes which he called ‘groundbreaking deals… freeing cities from Whitehall control’.

Extra powers will be given to the cities of Birmingham, Bristol, Newcastle, Leeds, Nottingham and Sheffield as deals for Liverpool and Manchester were already agreed earlier this year.

Deputy Prime Minister Clegg said: “Everyone in these eight core cities will feel the benefits – from young people looking for jobs, to businesses looking to expand.”

Under the current system, councils running England’s major cities have to lobby central governments if they want additional investment to fund major infrastructure projects.

However, under the new city deals, guaranteed funding will be provided for the city authorities to spend as they choose. This is expected to will cut red tape and make it easier for businesses to deliver major development projects in the future.

Hilary Benn, Shadow Communities and Local Government Secretary, said: “Labour strongly supports local communities being given more powers – indeed I have been calling for this for some time.

“These city deals represent an important victory for local people and local government. And many people think that local government will do a better job at looking after their local economies and boosting skills than the Tory-led government is doing nationally.”

If you live in Birmingham, Bristol, Leeds, Newcastle, Nottingham or Sheffield, how do you think the new deals could help you/ your business? Share your thoughts by commenting here or raining your voice on our Facebook page.