§ Mr. BestTo ask the Secretary of State for Trade and Industry what action she is taking to promote private sector investment in renewable energy. [170281]
§ Mr. TimmsThe importance of private investment going forward cannot be underestimated in achieving our renewables targets. The Renewables Advisory Board established the Finance and Investment Workgroup last year. I commissioned independent research into investor perspectives of renewables and concluded that investors believed that
The 2010–11 target, of 10.4 per cent. of electricity generated from renewables, would only be met if there is greater assurance on Government policy post 2010.Sustaining investor confidence is possible and within Government's control and principally requires promote action to firm up post-2010 targets.In response to this I announced on 1 December 2003 an extension of the Renewables Obligation target from 10 per cent. in 2010 to 15 per cent. in 2015.
In addition, as part of the DTI's "It's Only Natural" renewables communication campaign, we held a high level seminar, on 26 April for senior representatives from banks, industry and the investment community to discuss the Government's commitment to renewables and to debate the issues facing investors. The event was well attended with over 120 delegates.