PINSTRIPE
I disagreed with many of Alex Salmond’s policies when he was First Minister but, one on which I thought he showed bold and visionary leadership was his support for Renewable Energy. Although not with the same gusto , the Scottish Government has continued its support since Alex went south.
The world does have a problem with increasing pollution and a warming planet. The scientists tell us so and produce concerning forecasts of what is likely to happen. Common sense tells us so, an eco-system is a delicate balance and if you disturb that balance significantly there will be changes as the system re-balances - and these changes might wipe a good number of us out. My own experience also tells me so, I see increased sea levels and consequent erosion which has clearly impacted in my lifetime on Scotland’s coastline.
This is a problem which businesses, Governments and citizens must face. There is also, for Scotland, a wonderful opportunity. Our hills and the seas around us contain huge amounts of pollution free energy which we can harness.
The cost of Renewable Energy is falling dramatically, not yet to a point where it can compete with fossil fuels but the gap is closing and it is already competitive with the soon to be built glowing white elephant that is the Hinkley C Nuclear Power Station. People say that Renewables are not reliable and cannot provide baseload power. In fact Renewable Generation is just as reliable as fossil fuel plants. Yes, the baseload question is harder - but it is not impossible - tides are predictable and rise and fall at different times around our coast, energy storage technology is coming on leaps and bounds and intelligent building systems can manage power use to smooth out demand. If we try hard we can do it. Scotland not only has good Renewable Energy resources but also companies and entrepreneurs who want to develop them and so create wealth and jobs for our country. We have a competitive advantage in this field which we should not discard lightly.
A significant issue is that , having declared itself as “the greenest Government ever” when it came into office with the Lib Dems in 2010, the new Conservative only UK Government is now busy machine-gunning the UK Renewables industry. Feed in Tariffs for domestic Renewables are to be cut to derisory levels from 2016, bidding rounds for contracts for difference (vital to allow Renewable Energy projects to proceed)are endlessly delayed as well as reduced in scale, Nimbyism is allowed to block sensible onshore wind projects in England - though thankfully generally not in Scotland where the politicians and people have been far more supportive and sensible. Carbon capture projects are quietly put to sleep. The UK Government has the cheek to go to the Climate Summit in Paris because it has to be seen there but back at home the Green Revolution is being strangled. I know the economic times are difficult but our children and our grandchildren will not thank us for our failure here. Action now will reduce the scale of the challenge we will face later. Dave and George need to show some leadership - tell them Alex - nicely.
Pinstripe is a senior member of Scotland's financial services community.
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