Brexit ‘could have a negative impact on green investment’

The UK’s possible exit from the EU could have a “negative” impact on investment in green technologies in the short term. That’s according to Graham Stuart, an MP from the Conservative […]

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By Jacqueline Echevarria
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The UK’s possible exit from the EU could have a “negative” impact on investment in green technologies in the short term.

That’s according to Graham Stuart, an MP from the Conservative Party who told ELN: “Any change of course has a chilling effect on investors’ confidence so there will be a period in which investment will gain less likely here.

“In the long term, I’m sure these things would sort themselves out and arrangements will be made between the UK and its European partners whether we’re inside the EU or not and that would feed through into an investor climate in which they will be able to make their own decisions. But certainly in the short term I think it will have a negative impact on green investments in the UK.”

Mr Stuart added Brexit could also have an impact on the country’s environmental sector where “co-operation makes the most sense”.

He added: “In the environmental area there are a lot of benefits for EU membership and certainly my view on balance is the UK interests are going to be better served within a reformed EU than outside.”

Mr Stuart spoke to ELN after a conference on resource efficiency in Europe which took place in London yesterday.

Businesses such as IKEA and Land Rover explained how they have become resource efficient by applying the Circular Economy Package which aims to make Member States more efficient.

The initiative has set recycling targets of 65% of municipal waste, 75% of packaging waste and reducing landfill waste to a maximum of 10% by 2030 across all Member States.

The MP for Beverley and Holderness believes the framework is good for companies, economy and the environment.

He said: “Long term, companies that don’t follow this path, don’t adapt or embrace the Circular Economy are going to lose out and any parts of Europe that aren’t part of this, they aren’t getting a free ride so much as they are actually going on a slow lane. That’s why I think getting this package right so everyone is incentivised to do the right thing will be good for jobs, will be good for the economy and will be good for the environment.”