Blair backs efficiency for cheap business energy - 06/07/2009

Cheap business energy can be created through efficiency rather than simply looking at new technologies such as wind farms, it has been claimed.

In a new report commissioned by former prime minister Tony Blair, experts have suggested that the best way to help cut carbon emissions around the world is to focus on energy efficiency projects rather than simply worrying about building new eco-friendly power generation.

Energy efficiency is also likely to resonate with companies and individuals as a way to tackle climate change and carbon emissions, because this approach is also the most effective way to achieve cheap energy bills.

Mr Blair said the report showed the best way to tackle carbon emissions in the short-term is to concentrate on improving energy efficiency measures, such as boosting insulation in buildings, rather than focussing on carbon trading markets or unproven renewable technology.

Meanwhile, managing partner of private equity group Riverstone Holdings, Lord Browne of Madingley, has suggested cheap energy from renewable sources could be funded by state-controlled banks.

Writing in the Times, the peer explained that the banks could be used to fund research and development of offshore wind farms, in a move that would reduce the financial burden of building the technology being passed on to consumers in the form of higher bills from energy suppliers.

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