Green Policy Reversals Undermine Renewable Investment Warns Privilege Finance
Specialist anaerobic digestion (AD) and green energy funder, Privilege Finance, has responded to the Government’s significant reversal of net zero policies.
Delaying prior commitments, including scrapping plans for consistent recycling collections, is short-sighted, says CEO of Privilege Finance, Chris Winward:
“While we understand the need for a pragmatic approach to safeguarding public finances and economic growth, we must remember we’re at a critical point in a generation for investing in renewable energy and reducing emissions. The watering down of green policies risks damaging the credibility and perception of the UK as a global leader for sustainability.
“With a remit to advise and manage green energy in the waste sector, we are concerned about the implications of the PM’s announcement, which will inevitably knock the confidence of investors in green technologies, with wider implications for green job creation and our planet’s health.
“The scrapping of planned changes to consistent recycling collections, including the sensationalist description of households requiring seven bins, undermines our nation’s commitment to reducing waste. Moves such as this from the Government leave a question mark over the future of other key policies, such as mandatory food waste collections from 2025.
“Separate food and organic waste collections are essential for reducing greenhouse gases and ensuring our long-term ability to produce green energy through technologies like anaerobic digestion. There is a real risk that the goalposts may move again on these promises, or whether they will be implemented at all.
“We remain committed to developing the future of AD and biomass and are proud that our financing, operations and management solutions in the sector play a pivotal role in creating the infrastructure needed to tackle climate change.
“Supplying biomethane to the grid through AD is a proven solution for delivering sustainable energy from waste. But we can’t rely on one technology for Net Zero and the Government must show ongoing clarity and commitment if we’re to see continued investment and confidence in this often-overlooked sector.
“Reversing our green commitments does nothing to bolster these efforts and risks taking our eye off the long-term goal for short-term gain.”