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The Association for Consultancy and Engineering (ACE) says that the lack of clarity in chancellor George Osborne's Budget yesterday (March 21st) regarding the Carbon Reduction Commitment (CRC) has undone some of the confidence delivered by the launch of the Green Investment Bank (GIB).
It feels that the government's announcement that, should "very significant" administrative savings not be deliverable, it will bring forward proposals later this year to replace the CRC has only added to the uncertainty in the energy sector at present.
Projects have already been delayed because of the volatility of the UK's regulatory environment, including Electricity Market Reform.
Nelson Ogunshakin OBE, chief executive of ACE, said: "Strengthening of the GIB, in tandem with a clearer regulatory environment, will provide the holistic infrastructure investment plan the UK needs to give investors and industry the confidence to invest."
Recently, uncertainty over the government's commitment to wind power caused several large firms, including General Electric (GE) Energy, to put investments on hold until they receive government clarification on its position.
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