The UK will lose out on jobs and billions in investment unless it speeds up its transition to a low-carbon economy, a new TUC report warned today (Monday).
The study, Building our low carbon industries, says the government’s current energy policy isn’t working and calls on ministers to urgently invest in new green technology in order to make existing industries, such as coal and steel, more energy efficient and competitive.
The report says that without investment the UK’s energy-intensive industries, which it says are worth £95bn a year to the economy, will not be unable to maintain a competitive advantage over other countries and companies will be forced to re-locate abroad.
Commenting on the report, which will be launched in parliament tonight, TUC General Secretary Designate Frances O’Grady said:
‘At a time when our competitor nations are spending heavily on making their energy-intensive industries more energy efficient we cannot afford to sit back. Unless we increase funding for low-carbon technologies now we will not be able to compete in the future.
‘The government needs to take an urgent look at its energy policy or investment and jobs will be lost abroad.’
