Taxpayers 'could have to foot green energy investment fine'

Taxpayers 'could have to foot green energy investment fine'  29 Jul 2010 - 18:46	<< Back

Taxpayers in the UK could have to foot the financial penalty imposed on the country if it fails to meet its European Union (EU) green energy targets by the year 2020, an expert has said.

A recent report by PricewaterhouseCoopers claimed that additional cash from investment trusts and fund managers is required if the nation is to be able to meet its goals. In order for the government to do so, it is estimated that a cumulative peak funding of 10 billion per annum is needed by offshore wind developers over the next five years.

This is evidently an ambitious aim and according to a spokesperson for therenewableenergycentre.co.uk, funding needs to be secured "as a matter of urgency" if the UK is to avoid "serious financial penalties" from the EU.

But if this is not achieved, the spokesperson went on to state that the country will face a "hefty fine" which will have to be passed on to the taxpayer.