PM makes renewable energy announcement

A commitment to increase the amount of energy garnered from renewable sources and the launch of a competition to construct the world's first capture and storage plant were two of the measures set out by the prime minister in a speech on climate change.

The Commission on Environmental Markets and Economic Performance (CEMEP) makes its report on the steps needed to open up business opportunities for tackling climate change.

With the low carbon energy industry set to be worth as much as $3 trillion by 2050, Britain will have to match the leading locations in the world in terms of innovation and opportunities available to enter into it

"The direct link between tackling climate change and long-term wealth creation is now beyond doubt. The business opportunities, once fully unlocked, will be vast," business and enterprise secretary John Hutton said.

"Pioneering low carbon technologies, including renewables, CCS and, subject to our decision, new nuclear, will help secure diverse future energy supplies while tackling climate change. In a global market the UK's expertise in developing these technologies will also open up business worth billions.

"With China alone building an average of two coal-fired power stations every week, the development in the UK of technology to capture and safely store up to 90 per cent of CO2 emissions is critically important. The launch of the competition today puts the UK on track to build within seven years one of the world's first commercial-scale CCS projects on a coal-fired power station."

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