Renewable Energy to Rescue UK economy has Businesses Backing

The UK's potential as a world leader in renewable energy has been highlighted by business leaders as a driving factor in providing the country with a successful economy for the future. 

A new survey, commissioned by InvestinCornwall, the county's newly launched inward investment service, shows UK business leaders believe the success of Britain's growing renewable energy sector is more important than both the financial and retail sectors for the UK's long-term economic success. However, concerns over costs and political commitment to the sector need to be addressed. 

Commenting on the findings, Lucy Hunt, Manager for InvestinCornwall, said: "Despite rapid growth the renewable sector has stood in the shadow of other industries for many years. But this report marks a major change in attitudes to the sector and demonstrates its importance. The UK's natural resources, heritage, and skills base make it ideal for renewable energy businesses, particularly rural locations such as Cornwall which is now home to some of the world's leading green energy firms."

A third of business leaders believed the Uk has a significant roll to play in a global low Carbon economy.  There would need to be an increase in government spending on renewable energy to achieve this goal.  This would howver leade to reduced cost of business electricity.

Business support for renewable energy is not just talk. When asked about their own use of renewable energy, almost half (48 per cent) use, or are considering using, one or more forms of renewable energy, with 22 per cent of respondents favouring solar power. In addition, half (50 per cent) use, or plan to use, energy efficiency measures to reduce their reliance on traditional power sources.

The biggest perceived barrier preventing more organisations using renewable energy to generate power is a financial one. Three quarters (76 per cent) of respondents highlighted cost as the main issue, while just under two-fifths (38 per cent) cited lack of incentives.  With increase investment in renewable energy this would in the long run lead to cheaper business energy.