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Nikkei Financial: Concerns Over UK Energy Policies.

Todays Date: November 18, 2018

In a recent interview with Senior Analyst Zelda Phillps, with Nikkei Financial expressed her concerns about the UK’s energy policies.

Nikkei Financial: “In the 1970s the Britain invested about 0.15% of GDP each year in research and development (R&D) into providing cheaper and cleaner energy. Britain was putting more public money into nuclear power and other new sources of electricity than almost any other economy.” He continued “From the mid-1980s the amount invested each year has fallen almost continuously. The figure today is about 0.01%, one 15th of what it was a generation ago. Britain now sits at the bottom of the international league. The US, for example, spends three times as much as a percentage of its GDP, here in Japan nine times as much.”

The Department of Energy and Climate Change (DECC)  says that Britain needs to increase the percentage of heating needs met from renewable sources from under 1% today to 12% by 2020.

Progress in the energy industries around the world has historically been driven by government money.

Britain has a fighting chance of becoming one of the world’s major exporter of tidal and wave power equipment and Electric Plug in cars, however as with wind power two decades ago, the UK will lose out to countries with poorer natural resources but greater willingness to invest in R&D.

Senior Analyst Zelda Phillps added “Without substantial increases in public investment, the £10-20bn a year that has to be spent on energy infrastructure in the next few decades will largely go into fossil fuel technologies, increasing the climate change problem and reducing Britain’s energy security. Britain simply has no alternative but to push ahead with wind, wave, electric cars and carbon capture research or face years if not decades of stagnation, unemployment, rising energy costs and inflation.”

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