Overview

There is alarm at the degree of uncertainty and complacency about affordable, secure and low carbon energy supplies has grown. It is clear that investment is urgently required, notably in a low carbon, interconnected and innovative energy system, that makes us less reliant on imports of highly volatile and dirty fossil fuels. The value of energy companies has slumped since 2008, the public purse is severely constrained, but more than enough money is around in the investment community and clear policy is needed in order to release it. No country is an energy island, so EU policy is particularly important. We need leadership and direction from the EU and its Member States in developing and agreeing an energy policy framework through to 2030. At the heart of that framework, we see two core policies. First, a revised EU Emissions Trading System (ETS). The ETS needs to include a minimum price for carbon, providing governments and investors with the confidence to support innovation through investment. Second, and contrary to UK Government policy, a target for the proportion of energy to be delivered through renewable energy until 2030 is required. Unless we find a way of doing this, our future energy could well be highly polluting, unaffordable and insecure. Other recommendations from the Committee include: a greenhouse gas reduction target of 40% compared to 1990 levels, in line with an 80% reduction by 2050; development of electricity interconnections between Member States; that the UK Government also examine the potential for a regulatory framework to increase gas storage.

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9780108550911

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