- 22nd May 2012
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A radical overhaul of the economy is needed, with more focus on going green, MPs have said.
‘Green’ industries are one of the few growth areas, they claimed, yet there was little sign of developing a long-term strategy to exploit them.
The green sector, which covers industries such as renewable energy, is estimated to be growing at four per cent a year, outstripping the rest of the economy.
‘Rising global demand for commodities and fossil fuels mean that prices will continue to rise in future so it is incredibly short-sighted of the Treasury not to give businesses clear incentives to use resources in a smarter way,’ said Joan Walley, who chairs the all-party environmental audit committee.
It said favouring a market-led approach focused on voluntary action and relying on consumer demand to drive green growth would not work.
Instead, ministers should introduce measures that include mandatory reporting of greenhouse gas emissions by big businesses.
Luke Wreford, economic policy officer at WWF-UK, said: ‘Far from putting British companies out of business, environmental policies may well be the saving of them.’