This post is by Chris Huhne, former UK energy and climate change secretary from 2010 to 2012 and current co-chair of ET Index which analyses the carbon risk of worldwide quoted companies. He advises Zilkha Biomass Energy and the Anaerobic Digestion and Bioresources Association.
One criticism of British energy and climate change policy over the past few years is that it has involved a ‘dash for renewables’ predicated on high oil and gas prices. That is not true. During my time as secretary of state for energy and climate change, and subsequently, we were careful to balance all three families of low carbon electricity generation: renewables, nuclear and fossil fuels, with carbon capture and storage. The reason? We could not predict the future, and did not know which would turn out the cheapest (or, indeed, what the oil and gas price would be). In a time of great uncertainty, energy policy should be akin to investing in a portfolio of shares for retirement: however good one share looks now, do not put all your eggs in one basket. Read more