Lib Dems would invest £1.8billion in renewables

1.00.00am GMT Thu 13th Jul 2006

Lib Dem Energy Spokesperson, David Howarth, has today challenged the Government to invest in clean coal technology and renewable energy technology.

From 2013 the Liberal Democrats would auction 100% of emissions permits raising approximately £2.6 billion. This money can be invested now to create real improvements in clean coal and renewable technologies. The 2013 receipts can then be used to pay back the investment at an interest rate of 4.5% allowing an investment of £1.8 billion to be made now.

Mr Howarth commented:

Lib Dem Energy spokesperson, David Howarth MP

"We need major investment now into clean and renewable technologies so that renewable energy becomes competitive and reliable. David Miliband has refused to ring-fence the money the Government will receive from auctioning permits, how will he ensure that developing technologies like carbon capture and storage get the investment that they so urgently require?"