To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps the Government is taking to provide financial help to businesses to invest in low carbon growth.
The Government is determined to deliver clean growth – cutting our emissions while growing the economy. Under this government we have seen significant investments in low carbon growth in sectors such as offshore wind, low emission vehicles, and green finance. It has been estimated that that clean energy investments in the UK have more than doubled since 2010, rising from $10.8 billion in 2010 to over $25 billion in 2016 (Bloomberg New Energy Finance, 2017).
As part of our Industrial Strategy, our investment in energy innovation will more than double to over £400 million per year by 2021. Much of this support will enable UK companies to invest in low carbon growth.
In addition, we have a range of policies in place to support UK businesses in reducing their energy use – for example through Climate Change Agreements, where businesses receive financial benefits in return for take up of energy efficiency measures.