Eric Schmidt emphasized that the UK's government must urgently reform its regulatory framework to avoid impeding economic growth and the achievement of its net zero goals by 2030. He suggested the establishment of a "minister of anti-regulation" as a crucial step to stimulate investment and innovation. Without these reforms, Schmidt warned that the UK could fall short of its targets for emissions reductions by 68%, established under the Paris Agreement, a situation that threatens both progress and sectoral advancements.
Business Secretary Jonathan Reynolds reiterated Schmidt's concerns, identifying regulatory delays as one of the primary obstacles confronting the UK's renewable energy sector. He highlighted that projects, particularly in offshore wind, can face approvals extending to over a decade, which significantly hinders the country’s progress towards establishing a net zero power system by 2030, a goal that is becoming increasingly urgent amidst calls for a more dynamic regulatory approach.
Rachel Reeves, the Chancellor, pointed out the inadequacies in historical water regulation, illustrating this with the ongoing crisis at Thames Water. She emphasized the necessity of urgent investment in infrastructure, stressing that price increases must translate into tangible improvements rather than mere enhancements to shareholder profits. Her insights reflect a broader recognition of the important balance between quality investment and sustainable financial practices.
In support of regulatory reform, Octopus Energy CEO Greg Jackson advocated for reducing bureaucratic barriers surrounding heat pump installations. He articulated the detrimental impact of planning permissions on customer uptake, asserting that these regulatory impediments are a major deterrent for consumers interested in transitioning to green energy solutions, thereby emphasizing the critical need for streamlined processes to enhance the UK's green energy transition.
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