U.K. Encourages Investment in Green Power
Posted by Kelly Smith on Thu, Apr 01, 2010
The
recent U.S. jobs bill is a step in the right direction for American investment in sustainable businesses. However, the U.S. government is not the only government initiating investment in green energy. Many other countries worldwide are jumping on the green bandwagon as world governments recognize the imminent threat of climate change to the people of their countries.
In the wake of such climate summits as December's 2009 United Nations Climate Change Conference in Copenhagen, many world leaders are brainstorming ways to reduce carbon dioxide emissions and increase the use of green power in their nations.
Politicians in the U.K. have designed a three billion dollar investment bank which will focus on encouraging such sustainable projects as green electricity and mass transit. Government officials envision research and development opportunities for generation of offshore wind power in the windy English Channel and the incorporation of more sustainable waste management practices as just a few of the many opportunities this bank will provide.
The Labour government hopes that this new green investment bank, which will be half funded by the government and half funded through private sector investments, will be successful in pulling the U.K. out of its economic slump and creating new environmentally-friendly business opportunities.
The U.K. has set ambitious climate change targets. By the year 2020, their government plans to reduce carbon emissions by 30% and obtain 15% of the nation's energy mix from renewable sources. Government and private investment in such projects is an important step in realizing those goals. The initial outlay of funds by the Labour government will lower the investment risks for private investors, which should be helpful in encouraging public interest in funding new sustainable businesses and eventually shifting England's business environment to a more low-carbon economy.
Photo via david.nikonvscanon