Over 100 major UK energy companies have come together to urge the Prime Minister to prioritise investments in green energy.
This unified call stems from an economic warning issued by the Office for Budget Responsibility (OBR) on Friday.
The OBR’s latest report on fiscal risks highlights that the UK remains one of Europe’s most gas-dependent economies.
To achieve the target of net zero emissions by 2050, approximately £327 billion of investment is required.
However, the government’s commitment to date stands at only £22.5 billion, significantly falling short of the necessary scale.
The OBR said: “So far we’ve seen little sign in the UK of significant new investment in low-carbon energy and heating technologies in response to the rise in gas prices.
“In fact, while we have historically been one of the leading investors in renewables in the G7, total UK investment in low carbon technology actually fell last year from 1.1 to 0.9% of GDP, behind Germany and France.”
Alok Sharma, the former President of COP26, emphasised to the Observer that it is high time for the government to stop hesitating and reform planning rules to allow for the construction of more onshore wind farms.
Sharma stated that the OBR report reinforces the economic case for accelerating the deployment of renewables in the energy system, which would ultimately lead to lower household energy bills and safeguard against future fossil fuel price shocks.