Osborne warned of blue chip pull out over renewables

Some of the best known brands in the world have contacted the British government expressing concern that mixed signals on green energy policy will undermine investment in renewable power.

David Cameron and George Osborne

The letter which includes signatories from over 50 companies including Microsoft (NASDAQ:à‚ MSFT), PepsiCo, Marks and Spencer, BT, Siemens, Alstom UK, EDF, Areva, Doosan, Gamesa, Vestas and Mitsubishi Power Systems have warned George Osborne, ahead of his Conservative conference speech, that mixed signals on green energy policy risk undermining investment in renewable power.

The letter to Ed Davey, the Energy Secretary, which was copied to David Cameron, the Prime Minister, and Mr Osborne, the Chancellor, and leaked to The Times warned that a lack of decision-making and threats to relax key green targets “have caused us to reassess the level of political risk in the UK”.

The concerned parties are seeking greater clarity on the country’s carbon reduction commitment.

It is essential for government to provide investors with the long-term confidence they need to transform our electricity market and make investments capable of driving wider economic growth,” the letter said.

The letter warns that the government’s commitment to green power is being “undermined by recent statements calling for unabated gas in the power sector beyond 2030″.

Critics, including the government’s climate watchdog, have warned that heavy reliance on gas beyond 2030 would be incompatible with meeting legally binding emissions targets set under the 2008 climate change act.

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