A government advisory body has warned that the UK is lagging behind other rich nations when it comes to investment in sustainable cheap energy.
According to the Committee on Climate Change, the statutory body that advises ministers on emissions reduction targets, the UK spent just 0.01 per cent of GDP on energy in 2007, with around £550 million of public funds spent on low-carbon technologies last year.
Meanwhile, Japan spent 0.09 per cent of GDP on energy in the same period, followed by 0.05 per cent in France and 0.03 per cent in the US.
The committee highlighted estimates from the International Energy Agency which predict that energy investment must be increased by between two and five times the current level in order to meet climate targets.
In order to meet these targets, the report suggests that the government must focus on the following key areas: wave and tidal power, carbon capture and storage, offshore wind, smart grids and meters, electric vehicles and aviation.
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