Photo courtesy of Tom Chance liscensed under CC by 2.0 

I am today celebrating Solar Independence Day recognising the incredible role that solar power is playing in the transition to a zero-carbon world. As well asking the government to reverse the reckless and damaging cuts to the financial support for the solar industry, I’m also calling for a halt to the privatisation of the Green Investment Bank, and for it to be given a new lease of life to embark upon a radical programme of investment in renewable energy. The economic uncertainty created by the decision to leave the European Union means strong and secure investments of this kind are vital to our future energy security, ending fuel poverty and tackling climate change.

Just six months after the Paris Agreement was signed, the global momentum behind renewable energy continues to grow day-by-day. The energy of the sun can help us to power our homes, schools, hospitals and businesses but here in the UK the industry needs our support to help it grow and develop. The UK currently has enough solar to power the equivalent of 3.8 million homes whilst 800,000 houses have solar panels installed on their roofs. At one point last month solar power provided one quarter of the UK’s electricity. But if we are to tackle climate change, it's vital this industry keeps growing.

Despite the government’s announcement last week that it aims cut greenhouse gas emissions by almost 60% on 1990 levels by 2030, it has yet to release any credible plan of how it will achieve that. The decision to leave the European Union has created many unanswered questions for the UK’s energy policy whilst investors are expressing concern over the viability of future renewable projects. All this is happening at a time when the government estimates that £100bn needs to be invested in electricity generation alone.

There are no shortage of creative ideas and innovative strategies for allowing the UK to have a secure energy future, to keep bills low and to radically reduce our carbon emissions.

For example, the government should halt the sale of the Green Investment Bank and embark upon a programme of Green Quantitative Easing. It should urgently clarify how it will support solar through the Contracts for Difference and make sure solar is eligible for capital expenditure allowances – as it for fracking. 

The International Energy Agency is predicting that solar could be the largest source of electricity globally by 2050 and since 2009 the costs of solar photovoltaic modules have fallen by 75%. Recent estimates suggest that prices could fall by a further 60% by 2025 if the industry receives the right investment. Here the UK, grid parity for solar power could be reached within several years.

Regrettably, the government seems intent on pursuing an irresponsible policy of burning fossil fuels and building new nuclear power stations at any cost. Whilst politics can change within hours and days, the sun remains a constant. Let’s make sure we use its amazing power to drive forward a progressive and just transition to the greener, brighter future we all need.