Deputy Prime Minister Nick Clegg and Energy and Climate Change Secretary Edward Davey have today underlined the UK's commitment to renewables and a green economy, telling business leaders that the UK is "a great place" to invest in energy.
In his speech, Davey added that the UK remained "a great place" to invest. "Britain is one of the easiest places to do business in the world and I am determined to maintain our reputation as a stable destination for energy investment," he said.
Clegg's speech included two major investment announcements. Closed Loop Recycling is to invest £12m to double the current capacity of its Dagenham recycling site that handles both PET and HDPE bottles. It will create 100 new jobs.
Clegg also announced a government contract by UK Green Investments, who are basedat BIS, to provide £100 million of initial funding to Equitix and SDCL. The two fund managers will invest in small-scale non-domestic energy efficiency infrastructure projects. They will be "actively encouraging" foreign and domestic investment alongside UK Government funds. The UK is the sixth largest market in low carbon goods and environmental services, and Clegg suggested the Government backed further growth.
"This Coalition Government is unreservedly committed to helping our low carbon sector thrive. We seek nothing less than a clean, green, low carbon economy. There is a global energy revolution underway. And the UK is not going to be left behind. We're leading from the front."
Both Clegg and Davey looked to communicate a united front at the summit as they tried to get the Government's green policy back on track with Davey telling the audience of business leaders that it was government's role to help "take the risk out of investment".