Ernst & Young’s annual report ‘Renewable Energy Country Attractiveness Indices’ calculates which countries have the most to offer financiers in return for their investment.
However the report states that at a time when investment in most other European markets is wavering, “further delays in delivering a stable framework in the UK are weakening the country’s promising prospects and holding back investment”.
Ben Warren, Environmental Finance Leader at Ernst & Young, said that Britain has “a unique opportunity to become a safe harbour for renewable energy investment in Europe”.
“The foundations are there, reflected by the UK’s consistent performance in our index and its current fifth place ranking, as well as its huge offshore wind potential.
“However, competing visions and strategies within the government about the country’s future energy mix, pose serious questions amongst investors about whether we can compete for capital on a global level.”
He said that although “we are starting to see nods towards a more stable investment environment through initiatives like the Green Investment Bank attracting significant foreign investment, more needs to be done to help the UK realise its full potential”.
“There has never been a better time to turn the UK into the go-to market for investment in renewable energy in Europe,” he stressed.