United Kingdom

United Kingdom

Slow investment puts UK offshore at risk

UK: Ambitious plans for UK offshore wind farms could be at risk because the UK is failing to attract sufficient investment to support new technology, the Confederation of British Industry (CBI) has warned.

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A spokesman for the CBI, which represents businesses in the UK, said that offshore wind is heavily reliant on new technologies that require long-term investment.

"At present we’re not getting this at the pace and scale required to reach our legally binding [CO2] emissions targets. Investors understand the potential and are keen to embrace offshore wind but there are too many barriers to putting their money in UK low-carbon," he said.

The CBI is urging the government to deliver policies that provide certainty for investors and to establish a Green Investment Bank that can lend as soon as possible.

Commenting on the CBI report Risky Business: Investing in the UK’s low-carbon infrastructure, Siemens UK chief executive Andreas Goss said the UK presented some challenges for investors in UK offshore wind.

"Infrastructure, grid and transport issues can be a problem, and the government needs to be careful that taxation and regulation constraints do not drive investment away," he said.

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