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04/08/2011
Economic Impact Of Low Carbon Transition Explored
Business Secretary Vince Cable today saw a renewable energy device that can save the energy industry over £600 million in reduced capital costs cutting carbon emissions by 37 million tonnes by 2020.
As part of a tour of the North East to look at the economic impact of moving to a low carbon economy, Vince Cable visited Applied Superconductor Ltd (ASL) – based in Blyth, Northumberland and inspected the Superconducting Fault Current Limiter.
Business Secretary Vince Cable said: “The transition to a green economy presents significant growth opportunities both in the UK and abroad. The UK has the sixth largest low carbon economic goods and services market in the world.
“And the North East is well placed to capitalise with the National Renewable Energy Centre (Narec) based in Blyth while Nissan are investing £420 million to build a battery plant and electric car production in Sunderland, securing and creating over 550 jobs.
“The number of renewable energy sources is growing rapidly throughout the country, and Applied Superconductor Ltd is at the cutting edge of the technology that will maximize the energy contribution made by renewables, saving energy companies money as well as reducing their carbon emissions.”
Vince Cable also visited two manufacturing companies Rio Tinto Alcan and Saudi Basic Industries Corporation (SABIC) where he discussed the challenges facing energy intensive industries.
Business Secretary Vince Cable said: “As part of the transition to a low carbon economy we need to ensure that energy intensive industries remain competitive and that we send a clear message that the UK is open for business.
“By autumn of this year, we will announce a package of measures for businesses whose international competitiveness is most affected by the consequences of our energy and climate change policies.
“We will work with industry on how we do this – and we’re committed to being transparent about the costs. Last week the Department for Energy and Climate Change published its analysis of the cumulative cost of energy and climate change policies, something that businesses had asked us for.”
(BMcN)
As part of a tour of the North East to look at the economic impact of moving to a low carbon economy, Vince Cable visited Applied Superconductor Ltd (ASL) – based in Blyth, Northumberland and inspected the Superconducting Fault Current Limiter.
Business Secretary Vince Cable said: “The transition to a green economy presents significant growth opportunities both in the UK and abroad. The UK has the sixth largest low carbon economic goods and services market in the world.
“And the North East is well placed to capitalise with the National Renewable Energy Centre (Narec) based in Blyth while Nissan are investing £420 million to build a battery plant and electric car production in Sunderland, securing and creating over 550 jobs.
“The number of renewable energy sources is growing rapidly throughout the country, and Applied Superconductor Ltd is at the cutting edge of the technology that will maximize the energy contribution made by renewables, saving energy companies money as well as reducing their carbon emissions.”
Vince Cable also visited two manufacturing companies Rio Tinto Alcan and Saudi Basic Industries Corporation (SABIC) where he discussed the challenges facing energy intensive industries.
Business Secretary Vince Cable said: “As part of the transition to a low carbon economy we need to ensure that energy intensive industries remain competitive and that we send a clear message that the UK is open for business.
“By autumn of this year, we will announce a package of measures for businesses whose international competitiveness is most affected by the consequences of our energy and climate change policies.
“We will work with industry on how we do this – and we’re committed to being transparent about the costs. Last week the Department for Energy and Climate Change published its analysis of the cumulative cost of energy and climate change policies, something that businesses had asked us for.”
(BMcN)
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