Low carbon economy needs investment
Private investment is essential if the UK is to transfer to a low carbon economy, it has been claimed.
According to Neil Bentley, the director of business environment for the Confederation of British Industry (CBI), moving to a low carbon economy is beyond the government if it works alone.
Speaking at the PEI Global Energy Forum 2009, Mr Bentley said: "We urgently need to invest to renew our power generating capacity. Our energy infrastructure is moving closer to the rust heap day-by-day.
"The scale of the challenge is immense," he added.
He claimed that Britain needs to invest massively in new nuclear power stations, clean coal power plants and renewable energy projects such as wind, wave and tidal generation.
Mr Bentley quoted Ernst & Young investment figures, which estimate that £234 billion of investment needs to be channelled into switching the UK economy to a low carbon state.
He took up his current role at the CBI on July 2008 and prior to that Mr Bentley was director of Public Services.
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