Funding cuts will finish Britain’s clean energy race

In the 1970s the UK invested about 0.15% of GDP each year in research and development (R&D) into providing cheaper and cleaner energy. Britain was putting more public money into nuclear power and other new sources of electricity than almost any other economy.

From the mid-1980s the amount invested each year has fallen almost continuously. The figure today is about 0.01%, one 15th of what it was a generation ago. We now sit at the bottom of the international league. The US, for example, spends three times as much as a percentage of its GDP, Japan nine times as much.

The UK government announced last week that it was cutting yet more money from of the energy R&D budget. Some £34m is to be axed, affecting low-carbon technology programmes including offshore wind, wood fuels, building insulation and geothermal energy. This represents a reduction of just under 20% of total public expenditure on low-carbon technologies. This figure is on top of the cancellation of the £80m loan to Sheffield Forgemasters that would have paid for much of the installation of a new press to make the huge parts necessary for new nuclear power stations.

“Could this be bad news for the renewable energy industry?” Asks Barry Nutley, of Viridis Energie Consultants.

The full story can be read on The Guardian..