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Group backs green energy to produce greater price stability
09/07/09
Adopting low-carbon energy solutions may be slightly more expensive than high-carbon power sources now but they are likely to produce greater price stability in the long term, the Green Alliance has said. The lobby group's Chris Hewett commented that prior to the credit crunch, oil prices were "extremely high and quite volatile" and they are expected to return to this pattern along with other fossil fuel prices once the global economy has recovered.
Using these high-carbon energy sources in the future will therefore mean higher prices for consumers, he warned.
Mr. Hewett's comments come after the former head of BP, Lord Browne of Madingley, told the Times that ministers should compel state-backed financial institutions like the Royal Bank of Scotland and Lloyds Banking Group to provide investment to support a transition to renewable energy and a low-carbon economy.
Lord Browne said a lack of available credit is currently the "biggest obstacle" facing the development of greener technologies.
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