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The largest trade association in Britain, the Renewable Energy Association (REA), has welcomed Nick Clegg’s announcement to provide a £100 million fund for green investment that will boost the renewable energy industry and create new jobs.
Making the announcement today, Deputy Prime Minister Clegg said that the multimillion fund will enable the UK Green Investments team (UKGI) to see more domestic and foreign investments to the renewable industry.
Chief Executive of the REA, Gaynor Hartnell, praised the Deputy Prime Minister for his leadership and commitment to the renewable energy sector.
He said: “We need clear leadership from the top of Government on renewable energy, so the Deputy Prime Minister’s unequivocal commitment to renewable energy is very welcome and timely.
“He is quite right that a global energy revolution is underway and we look forward to working with him to ensure the UK fulfills its extraordinary potential.”
However, Mr Hartnell said that the Coalition Government needed a more stable policy framework to make sure the UK’s renewable industry continues to expand, paving the way for green jobs in the future.
Mr Hartnell said: “The Coalition Government needs to do much better on providing a clear and stable policy framework to make sure the UK isn’t left further behind.
“Recent decisions on support levels for renewable power technologies, which have failed to provide the expected certainty out to 2017, together with the uncertain status of the Electricity Market Reform package, do not provide the stable framework that industry needs.”
Deputy Prime Minister Nick Clegg has announced a £100 million fund for green investment which will create new jobs in the renewable energy industry.
Speaking to an energy conference in London’s Lancaster House today, Mr Clegg defended the Government’s commitment to support the renewable energy sector, outlining lasting benefits to the UK low-carbon economy.
He announced multi-million contracts by UK Green Investments (UKGI) with fund managers Equitix and Sustainable Development Capital (SDCL) to provide initial capital to encourage foreign and domestic investment in non-domestic energy efficiency.
The Deputy Minister’s announcement was hailed with a £12 million expansion by a recycling firm Closed Loop in Dagenham, East London, that will create and safeguard 100 jobs.
The UK is the sixth largest market in low carbon goods and environmental services in the world. It contributes 3.9 per cent of the UK’s GDP and employs 173,000 people.
The Deputy Prime Minister said that the Coalition Government is ‘unreservedly committed’ to help Britain’s low carbon sector thrive, providing a clean and green economy.
He said: “There is a global energy revolution underway and the UK is not going to be left behind. We’re leading from the front.
“Together we find ourselves at the vanguard of one of the most dynamic, most innovative, most important industries of our time; an industry whose breakthroughs and endeavours will shape our societies for years to come; an industry that will help us build a more stable, more sustainable, more prosperous world.”
The appointment of Taylor Wimpey and asocial housing landlord L&Q will transform the 9.3 hectare Chobham Manor site, delivering 870 new homes and supporting thousands of new jobs in the trades.
Sitting between the Athletes’ Village and the Lee Valley VeloPark, the development of Chobham Manor will address the residential needs for larger homes, with more than 75% of the new homes offering family housing.
Daniel Moylan, Chairman of the London Legacy Development Corporation, said:“Chobham Manor will set the tone for the high quality neighbourhoods we want to create across the Park with new schools, health centres and community spaces to support them.”
The Mayor of London, Boris Johnson, welcomed the announcement by emphasising the future benefits for local communities and the increasing accommodation needs in the city.
Mr Johnson said: “With the incredible energy of London 2012 captivating audiences across the world, the long-term legacy of the Olympic Park is quietly going from strength to strength.
“The development of Chobham Manor is major milestone and will help ensure a thriving community on the Park becomes a reality sooner rather than later.”
The London Legacy Development Corporation unveiled its plans for the opening of the future Queen Elizabeth Olympic Park. The 18 months from October 2012 will see the Park transform from an Olympic site into a brand new piece of the city, right in the heart of London’s East End. By spring 2014, the 560 acre Olympic Park will become an exciting new visitor destination and community park, unlike any other in the UK.