This blog was contributed by our work experience employee, who is here for a week to see what isoenergy is like. Many thanks to him.
From a recent article in the Guardian, it has been stated that Europe is ‘falling behind’ in the green investment race. It is said that this is due to a bumper year in which places around the world have started in investing in renewable energy themselves, such as those installed by www.isoenergy.co.uk
Last year, there was an increase in green technology investment in the world by one-third to a total of $211bn. A huge amount of this boost came from China spending almost $50bn mainly in the use of wind farms, this has confirmed China as the ‘world’s green energy king’ if you will.
This growth of green technology investment was also strong in places such as India, Latin America and other countries in the developing world as well. But it seems as if Europe’s green investment is declining as it decreased by one-fifth to $35bn. However, Europe has given a sign of hope in small-scale renewables, mainly solar power in Germany. From this information it seems quite worrying that in the developing world where they are increasing their investment in green power whereas Europe – which during 2010 had the world’s largest economy from their GDP – is doing the complete opposite, and I think at the least it should keep its investment constant rather then letting it decline.
Connie Hedegaard, who is the climate chief of Europe, has asked for a much larger proportion of the EU’s budget to be devoted to spending related to the climate, and so by doing this she hopes to help retain Europe’s edge in this rapidly growing green economy. She asked that at least 20% of the EU’s budget should be spent on climate-related issues such as helping to cut emissions.
Now, I think that asking for a proportion to go towards this is a great idea as it will guarantee that Europe will be back up there near the top in the green investment race, but at the same time I also believe that 20% is a lot of money and should not be spent so rashly in schemes trying to help the environment especially in the economical situations that we are dealing with.
She states that ‘This significant increase reflects that it is a key political priority for Europe to tackle climate change by transforming Europe into a clean, competitive low-carbon economy.’ And I acknowledge that and can say it makes sense, but like I also said 20% is a lot of money and we are quite aware already that green investment is a key political priority which is important in the present and future, but I don’t think we need to go to the extreme of spending 20% of the EU’s budget to reflect this and so we should take the green race into consideration and ask ourselves whether we think it is reasonable to agree to what Connie Hedegaard is saying.