Jamie Stone backs Lib Dem call to reverse cuts to renewable energy investment
Far North MP, Jamie Stone, has backed a Liberal Democrat call for the Government to reverse a 28 per cent cut to Contracts for Difference funding in the Allocation Round 5 which could "jeopardise" the UK's climate change goals.
Funding for Contracts for Difference has been cut in the recent Budget, from £285 million in the previous Allocation Round 4 to £205 million in the upcoming Allocation Round 5. The Marine Energy Council has stated that a reduced ring fence for tidal stream "will deliver fewer projects", while trade body RenewableUK has warned that the budget is "too low and too tight to unlock all the potential investment in wind, solar and tidal projects the industry can deliver".
Mr Stone said: "Ministers must reverse the 28 per cent cut to Contracts for Difference funding. It would be a drag on energy and economic development, and a threat to jeopardise climate change targets.
"The Highlands and Islands are leading the way in sectors like tidal stream renewables, which are a vital part of the Contracts for Difference framework. Tidal has the potential to play a central role in green energy generation in the UK, and to put that at risk is a huge mistake."
