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Quantifying the UK's incentives for low carbon investment

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  • Andrew Wordsworth
  • Michael Grubb

Abstract

The UK climate change programme has introduced a range of instruments to foster investment in low carbon technologies and markets. We estimate the total value of these interventions, in terms of the redirection of financial flows and directly foregone tax income, to be about £1.3 billion per year (c. Euro or US$ 2 billion per year), as from 2002 to 2003 when the renewable obligation certificates (ROCs) first take effect. About 20% of this consists of direct expenditure, the remaining 80% is in the form of indirect expenditures contained within sectors (ROCs, the energy efficiency commitments), and foregone tax revenues. Most of the energy-efficiency investment is estimated to recoup expenditure within normal life-cycles and may thus be considered profitable; the profitability of the supply-side interventions is predicated mostly upon expected cost reductions associated with the build up of the associated industries.

Suggested Citation

  • Andrew Wordsworth & Michael Grubb, 2003. "Quantifying the UK's incentives for low carbon investment," Climate Policy, Taylor & Francis Journals, vol. 3(1), pages 77-88, March.
    • Handle: RePEc:taf:tcpoxx:v:3:y:2003:i:1:p:77-88
    DOI: 10.3763/cpol.2003.0308
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    Cited by:

    1. Harish Kumar Jeswani & Walter Wehrmeyer & Yacob Mulugetta, 2008. "How warm is the corporate response to climate change? Evidence from Pakistan and the UK," Business Strategy and the Environment, Wiley Blackwell, vol. 17(1), pages 46-60, January.
    2. Xu Wang & Xiang Su & Ke Bi, 2023. "Achieving Synergies of Carbon Emission Reduction, Cost Savings, and Asset Investments in China’s Industrial Sector: Towards Sustainable Practices," Sustainability, MDPI, vol. 15(14), pages 1-21, July.

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