UK investment in clean energy transition falls 10%, bucking global trend
(The Guardian, 27 Apr 2023) Research shows Britain lagging behind at crucial time as US and EU pursue green growth hastened by Ukraine invasion.
Investment in clean energy and the low-carbon economy fell sharply in the UK last year, even as rival nations were increasing their firepower in the global green race, data shows.
The UK’s investment in the energy transition fell by 10%, from $31bn to $28bn, from 2021 to 2022, while similar investment in the US rose by about 24% to $141bn, and in Germany by 17% to $55bn.
Across the EU, investment in the energy transition away from fossil fuels rose by $26bn last year, to $180bn, in the aftermath of Russia’s invasion of Ukraine.
The figures, which cover public and private sector investment, come from research by the House of Commons library, commissioned by the Liberal Democrats, and appear to show the UK falling behind at a crucial time. The US, through the Inflation Reduction Act, is planning a $369bn expansion of low-carbon efforts, and the EU is similarly pursuing green growth.
The Guardian, 27 Apr 2023: UK investment in clean energy transition falls 10%, bucking global trend