This post first appeared on BusinessGreen.
At 11am, on 14 July 2017, eight per cent of UK’s total electricity demand was generated by offshore wind, more than any other country in the world. Proactive policy and industrial innovation have crafted the UK’s success story on offshore wind but another significant part of the story has been the lending from the European Investment Bank (EIB) that has accelerated the sector’s growth. Roughly £2.6 billion has been invested in wind farms and transmission networks since 2012, part of an overall £8 billion investment in energy infrastructure in the UK. As we leave the EU, cheap EIB loans will not flow as easily, raising concerns about the future growth of our renewable energy industry. It is, therefore, critical that we negotiate to be a major shareholder and benefactor of the EIB and the other European investment bodies that support innovation and growth in low carbon technology. Read more