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Brexit to Hit Green Energy Groups Hard

Europe’s renewable energy sector is facing significant insecurity in the wake of the UK’s vote to leave the European Union.

The Brexit campaign was led by a number of leading political figures who oppose tackling climate change by introducing wind warms and other renewable energy sources to replace fossil fuel power stations.

Lord Nigel Lawson, founder of the Global Warming Policy Foundation think tank, was part of the strategy committee for the leave campaign and he has been quoted as saying that the science behind climate change is “not yet settled.”

Boris Johnson, figurehead of the Brexit movement and former Mayor of London, once questioned the validity of global warming during a snowy winter and said that wind farms are “hideous” and ruining the country’s landscape.

Of all the possible contenders to replace David Cameron, none are great advocates of renewable energy sources, with one in particular, Michael Gove, once accused of downgrading climate change in the national school’s curriculum.

It is now unclear what course of action the government will take in terms of renewable energy sources given the current state of disarray in the country’s political landscape. However the Brexit win raises questions about whether the cross party unity on tackling the issue of global warming will now start to disintegrate.

So far, the biggest green organisations in the EU have downplayed concerns about the UK’s environmental sector, which, according to the Renewable Energy Association, had a market value of £16 billion last year and employed almost 117,000 people.

Donk Energy of Denmark, which builds some of the UK’s biggest offshore windfarms, believes that the UK’s energy policy is mainly driven by the necessity to replace old worn out power stations.

Chief Financial Office, Marianne Wiinholt, says that the subsidies received by the company for its UK offshore projects are based on fixed private law contracts between the government and the company.

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BDC 315 : Apr 2024