Accountancy firm EY has warned that the UK must try harder to attract renewable energy investment.

The firm’s quarterly Renewable Energy Country Attractiveness Index (RECAI) highlighted “a lack of regulatory clarity” from the UK Government.

The report said that the UK had joined the likes of Australia, Poland and Saudi Arabia in facing a crucial 12-18 months when it comes to rolling out renewable energy projects.
In contrast, China, France, Germany, and Sweden were ranked as “mature and steady” markets.

‘Year of reckoning’

Ben Warren, Chief Editor of the RECAI, said: “Many commentators have talked about the decline of government support as being the beginning of the end.

“We have long talked about the need for the sector to wean itself off the drug of subsidies, and it now appears to be doing just that, like it or not.

“2015 was testimony to the increasingly compelling economic case for an energy market that is redefining the boundaries of how we generate, store and consume energy. As such, it looks like 2016 will be a year of reckoning for the global power market on many levels.”

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