Economist calls for radical thinking on funding of renewable energy

Published on Sunday 26 September 2010 18:48

One of Scotland's top economists has called for "radical thinking" by government and the public and private sectors to create the finance necessary to boost renewable energy potential.

Andrew McLaughlin group chief economist at Royal Bank of Scotland, said Scotland has "more potential renewables resources than almost any other European country".

Speaking ahead of the two-day Scottish Low Carbon Investment Conference, which opens in Edinburgh tomorrow, he said billions of pounds would be needed to meet energy targets, made all the more challenging in the current economic climate.

He said: "The economics of the renewables industry are also continually changing as new technologies are developed. These technologies will offer even greater benefits for us in the future, but investment must be channelled into the UK's research and development establishments, otherwise we risk losing out to others around the world."

Dan Barlow, Head of Policy for WWF Scotland, said: "Part of this transition requires the end of financing of fossil fuels. RBS themselves need to redirect their own funding from fossil fuels to renewable energies."