Make low-carbon research a national priority, says CBI
Business leaders have warned that the government must fund more research on low-carbon technologies such as alternative fuels and vehicle technology if the UK is to meet its target of an 80% reduction in emissions by 2050.
A new report by the Confederation of British Industry said that spending on low-carbon technology R&D should increase to around £2.6 billion, approximately 30% of the government’s total research budget. Current spending is less than £250 million a year.
The CBI said that low-carbon R&D needs to be “established as a national priority” with a stronger link between climate change and innovation. It also said that existing low-carbon technologies should be fast-tracked with extra funding.
Dr Neil Bentley, CBI director, business environment, said: “It will take a coordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy.
“With increasing globalisation, the UK has an opportunity to lead in new markets estimated at $1 trillion.
“However there is a general lack of ambition. The UK needs to act now or we are in danger of being overtaken by other countries in low-carbon technology markets.”
© PE Publishing, 26 November 2008
