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UK renewable energy 'will promote considerable investment'

The provision of greater amounts of renewable energy in the UK will lead to significantly higher levels of investment over the coming years and up to an additional £25 billion heading into the UK economy, it has been revealed.

According to projections from the Department of Energy and Climate Change (DECC), subsidy changes for the provision of renewable energy across the UK over the coming years could add between £20 to £25 billion to the Treasury's coffers.

As part of the Banding Review for the Renewables Obligation, the DECC is set to reduce its support for offshore wind energy production by ten per cent between 2013 and 2017, but will more than double investments in marine energy production over this period.

Meanwhile, there will be no immediate reduction in support for large-scale solar projects, but there will be a further consultation this year on reduced support levels for the future.

Edward Davey, secretary of state for energy and climate change, said: "Renewable energy will create a multi-billion pound boom for the British economy, driving growth and supporting jobs across the country.

"The support we're setting out today will unlock investment decisions, help ensure that rapid growth in renewable energy continues and shows the key role of renewables for our energy security."

Independent sustainability and environment advisor Tony Juniper recently told attendees of the Sustainabilitylive event in Birmingham that changing people's attitudes towards to renewable energy will help the government to achieve its targets for carbon reduction over the coming years.

He argued that in order to meet the ambitious targets for reduction a significant investment in green energy sources is required, with the level of carbon dioxide per dollar spent needed to fall from 768 grams at present  to just six grams by 2050.

Mr Juniper concluded: "We are going to have to start changing the way that people behave and the way that they think." 

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