Investment needed for UK to acheive green energy target, Davey claims

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Energy secretary Ed Davey has claimed that £110 billion must be invested into the green energy economy if the country is to meet its 2020 green energy target.

However, Davey also stated: "existing players don't have the cash to achieve the UK targets so the UK needs to attract big foreign investors." In a bid to combat this potential problem, the government will invest £100 million into two investment banks. Taken from the Green Investment fund, the banks will use the funds to attract foreign investors.

Speaking at the Global Business Summit on Energy, deputy prime minister, Nick Clegg, added: "the fund managers will be actively encouraging domestic investment."

He also stated that around 30 to 45 per cent of the UK's energy could be provided by renewable sources - which are used by green energy suppliers in country - by 2030.

Despite the amount of investment needed, Davey is said to be confident that the targets will be met.

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