The Confederation of British Industry (CBI) has given its support to the UK government's energy review by endorsing its plans to pursue nuclear and renewable energy sources, while cutting plant construction red tape and tackling Europe's energy markets.
The past 18 months has witnessed an alarming rise in the cost of gas and electricity, which inevitably impacts heavily on the industrial sector. Therefore is it not surprising that the CBI has given its endorsement to the UK government’s energy review, published on July 11, which has backed investment in domestically reliant forms of energy production that will address issues of supply security and cost volatility.
Just hours after the much anticipated energy review was made public, CBI director general Richard Lambert issued a statement supporting the themes contained within.
Mr Lambert’s statement said the UK government was right to include both nuclear and renewable power in its thinking, adding that these power production options were needed to counter supply and environmental problems.
The CBI statement also praises the government’s intention to speed up the approval process for new power plants and to tackle the faults in the EU carbon trading program.
However, it warned that the progression from review to policy formation needed to be swift and that the UK needed to get tough with its EU neighbors to ensure the implementation of rigorous emissions limits to promote a sustainable long-term carbon market up to 2012 and beyond.