Investment in renewable energy projects in the UK has plummeted for the second year in a row, according to the latest figures from Bloomberg New Energy Finance (BNEF).

The amount of finance pumped into UK renewables dropped by 56% during 2017 to £7.5 billion.

The fall came in stark contrast to a 3% rise in global spending to £242bn, which marked the second-highest total on record.

Jon Moore, Chief Executive at BNEF, said: “The 2017 total is all the more remarkable when you consider that capital costs for the leading technology – solar – continue to fall sharply.”

Brexit could worsen situation

Global investment was boosted by a surge in solar, especially in China.

Mary Creagh, Chair of the House of Commons’ Environmental Audit Committee, said: “This is the second year in a row that renewable energy investment in the UK has nose-dived.

“Current rates of investment simply won’t deliver enough renewable energy to meet our legally-binding carbon-reduction targets.

“Losing European Investment Bank funding if we leave the European Union could make the problem even worse.”

Opposition politicians also rounded on the figures, with Alan Whitehead, Labour’s Shadow Energy Minister, saying: “The government’s green rhetoric is nothing more than empty promises.

“Whilst saying they have ambitions to be a green government their actions point in the opposite direction with renewables support slashed at the same time that fracking has been given the go ahead.”

Green Party Co-Leader Caroline Lucas branded the figures as “damning”.

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