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Clean technology investment rises in UK

Investment in clean technology for UK has risen to £1.6bn but the sector remains under pressure amid growing energy bills, the Guardian has reported.

Installations of solar power in the UK are likely to top records this year, and could offset some of the expensive dependence on gas, research has found, but the global outlook for green energy is still gloomy.

Investment in clean energy around the world fell to $45.9bn (£29bn) in the third quarter of 2013, according to Bloomberg New Energy Finance – a 14 per cent drop on the second quarter and a reduction of a fifth compared with the same period last year.

While investment in clean technology for the UK has risen from $1.6bn (£1bn) to $2.6bn (£1.6bn), the sector is under threat as rising energy bills have prompted calls for green subsidies to be scrapped.

BNEF chief executive Michael Liebreich said this would be a mistake and would not bring down bills: “Gas prices have risen more than 8 per cent – we know that it is gas prices that are pushing up bills. I don’t follow the logic of how that has to do with green subsidies.”

His advice to the Conservative Party was to articulate a clear energy policy that diversifies supply. He also criticised Ed Miliband’s pledge to freeze energy prices.

Investment in green technology has fallen in economies including China and the US, as well as most of Europe, in a continuing sign of weakness in the fledgling sector as the political will to transform energy infrastructure has waned in the wake of the financial crises and recessions, and in the US because of the bonanza in cheap shale gas.

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