15 November 2017

Update

Future energy trends: how will innovation and disruption help us manage the transition to a secure, affordable and low-carbon economy?

Following the release of the highly anticipated Clean Growth Strategy, the CBI invited Claire Perry MP, Minister of State for Climate Change and Industry, to speak at its Energy and Climate Change Network event, setting out her views on the role of innovation and disruption in meeting carbon targets.

Future energy trends: how will innovation and disruption help us manage the transition to a secure, affordable and low-carbon economy?

The CBI made clear in its 2017 report, Stepping up to the challenge, that to deliver a successful low-carbon transition, a long-term plan that gives business the confidence to invest and innovate is key. Business has been clear that with the right plan, there is also the opportunity to deliver a thriving low-carbon economy, that boosts prosperity across the UK, and creates a global competitive advantage in low-carbon goods and services. 

With the release of the Clean Growth Strategy, providing some clarity on the government’s plans for decarbonisation, the CBI invited Claire Perry MP to speak at its Energy and Climate Change Network event on the role of innovation and disruption in helping the UK manage the transition to a secure, affordable and low-carbon economy. 

The Minister opened the event by reiterating the commitment within government to meet the UK’s stretching carbon targets, outlining several key points within the strategy as the means to do so. This included the newly launched Green Finance Taskforce, which would provide recommendations within the next six months on unlocking private investment, and the role for government in supporting the acceleration of this investment. Additionally, the Minister pointed to the focus on innovation within the strategy, where £2.5 billion worth of funding has been allocated between 2015 and 2021. 

The Minister stated that the government was looking to give business long term certainty, and wanted to develop a strong partnership between the two that provides continuity beyond political cycles. The Industrial Strategy is a key means to do this. 

Businesses made clear their commitment to delivering a low-carbon economy and reiterated the need to ensure there is robust policy underpinning the government’s ambition. This is particularly the case where more heavy lifting is needed, such as energy efficiency and heat. Ensuring the Strategy, and subsequent consultations turn into clear actions will be key to this. 

Read more about the CBI’s work on the low-carbon transition

For more information on our work in this area, please contact Hannah.richmond@cbi.org.uk