Britain loses top AAA energy rating

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This week (8-14 November) has been marked by the announcement that the UN accredited World Energy Council has downgraded Britain from its AAA energy policy rating to AAB. This came after “after the government prematurely cut some renewable energy subsidies, creating uncertainty about how it will address support in future.

Earlier this year Britain scrapped subsidies for onshore wind farms, closed support for small-scale solar projects and changed the way other renewable energy projects qualify for payments, saying they were becoming too costly for taxpayers.  In the light of this statement, were the tax payers ever consulted if their taxes should be invested in clean energy in a bid to halt global warming or the government had “better” ventures to fund using the taxpayers’ money? This move has a cost to the taxpayers as their energy bills will keep rising whilst he country’ energy companies get even more profits from the sale to energy to consumers who have no option but to pay. The cut on small scale solar-projects is a big blow on the production of energy from renewable sources and puts Britain at risk of failing to reach set energy targets. This is just a clear picture of how little developed countries are committed to the provision of cleaner energy in order to cut CO2 emissions.

The government is struggling to commit funds in order to aid renewable energy production yet the privatised energy companies are enjoying millions of pounds worth of profits through the use of energy infrastructure that was passed on too then in the name of neoliberalism. There is indeed something really amiss with this. Perhaps, it is high time the state retuned to energy provision for its people. This is indeed necessary to ensure that the state’s commitments to developing green energy technologies and combating CO2 emissions are met. Capital is not corned much with these ventures because they do not necessarily increase their profits.

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If Britain fails to meet the set renewable energy targets, there are hefty fines to be paid to the regulators. The big question that rings in my mind is; will these fines repair the damage to the environment and whom do they really benefit? These fines will be paid using the tax payers funds still so why should the taxpayer this burden? Perhaps it will be beneficial if energy companies are to use their profits to fund renewable energy sources and if that is not sustainable for them the state should take responsibility for this industry as it was in the olden days. This will ensure that the energy industry sorely survives to serve people’s energy needs and all surplus is for investment in order to address the global CO2 crisis which is putting the entire humanity at risk of catastrophic climate problems.

We await to see the outcome of the United Nations Climate Change Conference in Paris later this month and if anything really changes in relation to the developed countries’ commitment to cutting down CO2 emission. Will the wealthy countries propose a shift in the current state of affairs in relation to the provision of clean energy?

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