Investment in renewables would bring quantifiable benefits to the economy

A report published today by the Renewable Energy Association estimates that a push by the UK for energy efficiency and renewables could result in a trade balance benefit for the UK economy of up to £12.6bn per annum by 2020.

The UK is projected to be reliant on imports for potentially 80% of its gas needs by 2020 with huge cost and energy security implications.
The report’s findings contribute to the burgeoning economic case for investing in renewables and energy efficiency in the UK budget. A comprehensive cost/benefit study was carried out by the German government on their green energy programme in 2007, showing net savings for industry and households of €5bn by 2020, as fossil fuel imports drop. No such study has been carried out by the UK government prompting the Renewable Energy Association to commission the energy balance of trade report.
Governments have been urged by Lord Stern in a G20 report to act quickly during the recession to support their renewable energy industries. Many have taken decisive action. Yet the UK renewables industry has received no support to date and is facing the loss of key funding programmes. Lord Stern told the G20 that the next economic crisis would be "pre-programmed" without a speedy transition to a low-carbon energy system.
"We hear a lot about the cost of renewables, and not enough about the upsides," said director general of the Renewable Energy Association Philip Wolfe. “This report shows how investment in sustainable energy leads to huge and increasing savings for the UK economy through avoided fossil fuel imports. Politicians say we cannot afford not to go green – this report helps spell out why. On top of the employment and export benefits, the energy balance of payments is yet another reason why investment in renewables is essential for the economy, as well as for the planet.”

Source: The New Civil Engineer