Ernst & Young: confidence in UK cleantech more than doubles
Cleantech news - by GreenWise staff
19th December 2011
Optimism in the UK cleantech sector is on the up, despite a steep decline in confidence in the Government’s ability to deliver, new research by Ernst & Young suggests.
According to the
accountancy firm’s latest
quarterly study, confidence has more than doubled in the ability of the
cleantech sector to deliver growth over the next 12 months. Longer term, the growth in optimism is even greater. But the report, which surveyed 600 UK-based public and private sector stakeholders, also found far fewer believed in the Government’s ability to establish the right conditions for green growth and competitiveness. Meanwhile, belief that UK
investment in clean energy and clean technology will increase in 2012 has slumped by half.
According to the study, 37 per cent of those surveyed feel optimistic that the cleantech sector will deliver economic growth in the UK over the next 12 months compared to just 14 per cent in April 2011.
It found that 47 per cent of respondents are confident about the UK’s ability to achieve an internationally competitive position in clean energy and clean technology in the next 10 years.
Investment
Confidence in the investment climate has declined, however, with over one third of respondents now believing investment levels in clean energy and clean technology levels will decline 2012 and only 21 per cent of respondents believe it will increase in 2012 when compared to 2011. This compares to double that three months ago.
Coalition
Trust in the Coalition Government has taken a nosedive, with 60 per cent of respondents feeling the financing frameworks required to attract sufficient capital for UK cleantech to flourish will not be established in the next 12 months. This is up from 32 per cent last year.
Steven Lang, Ernst & Young’s head of Sustainability and Cleantech Services, said the findings reflected "the resilience and attractive long term fundamentals of the cleantech sector", but that the UK and Eurozone face "a difficult challenge in maintaining their competitiveness in light of deteriorating financial and economic conditions."
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