The Carbon Capture and Storage Association, the Nuclear Industry Association and RenewableUK have issued a joint call to the secretary of state, Rt Hon Edward Davey MP in support of the Energy Bill and the fostering of a low carbon electricity generation mix, as well as the need for swift progression to ensure that investment is urgently realised.
The three associations, representing over 1,000 corporate members, made the request in a letter to the secretary of state, copied to the chancellor, prime minister, business secretary and deputy prime minister and minister of state at the cabinet office.
The letter states that including a reference to the objective to largely decarbonise the power sector by 2030 in the bill would reassure potential investors by lowering political risk and bring the cost of capital down for lower carbon generation.
The organisations stressed, however, that any target set in legislation should serve a specific and necessary purpose and not contribute to so-called ‘target fatigue’ in the energy sector – and it must not lead to delays in the passage of the Energy Bill.
