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10/22/08

nebusiness: UK - Bring on energy revolution - by Gloria McShane

For the complete report from nebusiness.co.uk click on this link

UK - Bring on energy revolution - by Gloria McShan

Nervous retailers, panicky bankers, gloomy estate agents - amid the continuing global stock-market turmoil, many investors are running scared. But is renewable energy one of the sectors with brighter financial prospects, due to EU and UK climate change targets?Mark Dowdall, of North-east land and property development company The Banks Group, believes renewables are where “the wise money is going” and says his company’s sustainable energy interests are helping offset a lean period in the property sector. Since in 2007 less than 5% of the UK’s electricity came from renewables, there is a mountain to climb even to meet 2020 EU goals. However, even more than investment, he flagged up the planning process as a critical area for the Government to address.

For example, protests against wind farms often held up projects for several years. “We’re pussyfooting around,” he added. Government targets make renewable energy an attractive sector.

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