The environmental audit committee has begun an investigation into the government’s distribution of subsidies for nuclear power, fossil fuels and renewable energy.
The committee will look to define exactly what a subsidy is, while also examining whether finance is spread appropriately across the different energy sources.
This comes less than a month after the International Monetary Fund (IMF) called for a complete overhaul of global subsidies. It said the current system causes more inequality and slows down growth, instead of helping consumers.
Another recent study, by the Overseas Development Institute (ODI), revealed the extent to which many wealthy nations were contradicting their fights against climate change by pumping money into fossil fuel exploration. Authors claimed the current system was “skewing the field” against green investment.
“Energy subsidies are sometimes needed to develop promising new technologies and correct market failures, but the government is not always open about what constitutes a subsidy”, said committee chair, Joan Walley MP.
“Our inquiry will seek to get to the bottom of the sums involved in the UK and what does or does not constitute a subsidy.”
The subsidy scheme for solar photovoltaic (PV) – the feed-in tariff – was the subject of much attention in 2011 and 2012, after the government drastically slashed the rate. This forced many solar developers to scale down their businesses or close altogether.
The environmental audit committee will use analysis by policy advisory group Oxford Energy Associates as the basis for its investigation. It will be accepting written evidence from individuals, businesses and organisations between now and June 14.
Like our Facebook Page
Infographic: Fighting The Environmental Impact Of Face Masks
10 Perfect Zero Waste Christmas Gifts To Give This Year
10 Simple Home Improvement Tips To Create A Green Home Environment
Business Initiatives: Ways to Preserve the Environment
Ultra Simple Guide to Consumer Solar Panel Installation
7 Very Important Steps to Become an Eco-Friendly Dog Owner
The Unbelievable Car Insurance Perks of Being an Eco-friendly Car Owner
5 Very Important Sustainable Guidelines for Home Renovations
9 Essential Elements of Success for Eco-Friendly Food Trucks
Comprehensive Analysis of the Environmental and Financial Benefits of Hybrids
Implementing the Best Sustainable Construction Practices with Timber
An Important Look To The Future of Green Construction
The Triumphant Turnaround of Tesla Motors
4 Eco-Friendly Ways to Invest in Your Business
The Terrifying Effects of Polyester on the Environment and Our Health
Understanding the Horrifying Hazards of E-Waste 101
The Terrifying Environmental Footprint Of PPE Disposals
Sustainability is Transforming the Diamond Industry
Massive Technological Advances Create a New Era for Sustainable Farming
4 Sustainable Real Estate Renovations to Complete Before Renting Your Home
- Editors Choice10 months ago
10 Green Companies With Amazing Environmental Initiatives
- Environment11 months ago
How You Can Celebrate An Environmentally Friendly Christmas Or Holiday
- Features10 months ago
5 Sustainable Home Improvement Ideas To Improve Your Home’s Value
- Environment11 months ago
Simple Hacks to Slash Your Environmental Footprint for the Holidays