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investing in renewable would help UK economy - report

investing in renewable would help UK economy - report

The British government needs to follow the lead of Germany by investing in renewable energy to stimulate the markets.

This is the claim of a new report published by the Renewable Energy Association (REA) in the run up to the budget.

According to the report backing renewable and energy efficiency could lead to a trade balance benefit for the British economy of up to £12.6bn per year by 2020.

It would also go some way towards reducing the reliance on energy imports and thus provide greater energy security.

Speaking at an REA press conference in Westminster on Monday, Martin Kremer of the German Embassy outlined how a cost/benefit study into his government's renewable nergy programme had predicted net savings for industry and households of 5 billion Euros by 2020, as fossil fuel imports drop.

Philip Wolfe, director general of the REA said of his organsiation's report: "We hear a lot about the cost of renewables, and not enough about the upsides. This report shows how investment in sustainable energy leads to huge and increasing savings for the UK economy through avoided fossil fuel imports.

"Politicians say we cannot afford not to go green - this report helps spell out why. On top of the employment and export benefits, the energy balance of payments is yet another reason why investment in renewables is essential for the economy, as well as for the planet."

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