Extreme Weather Will Only Get Worse: Rae

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Feb. 11 (Bloomberg) -- David Rae, CFO of Innasol, discusses the damage caused by the current storms in the U.K. and why the government should invest more on renewable energy. He speaks on Bloomberg Television's “The Pulse.” (Source: Bloomberg)

Understand why this happens.

The balances are becoming increasingly marginalized.

There is a tendency to focus on the short-term.

How do we deal with this mismatched timeline?

The answer is not to burn more fossil fuels.

That is really what the government needs to commit investment to.

Last year alone, there only for -- over 4 billion pounds of investment.

If we're going to reduce our carbon emissions and try to mitigate the flooding that we will see in the future, 99% of the community believes will continue to get worse, we need more investments in renewable heating solutions.

The government invested less than 50 million pounds in renewable heating.

This is a central plank of their u.k. energy roadmap, 50 million does not equate to $4 billion for -- 4 billion for fossil fuels.

The problem with that argument is that in the short term, the people we see evacuated are going to be saying where we want money spent, where we want subsidies, is on flood defenses.

We do not want to deal with the source of the problem.

We want to manage the process, we want to have better flood defenses, more dredging, all of the things that will prevent the problems that global warming is going to cause, rather than dealing with because of the problem at its root.

We're going to have to spend that money anyway.

If you want to protect the real estate, they're going to get hundreds of millions, if not billions of pounds of damage in these floods this year.

We've had a half a degree in temperature rise across the globe.

The forecast was for four degrees and that is if we hit the carbon targets we have now.

If we do not, it could be worse.

Yes, we need that investment, but we need to look for the future.

What we have done so far as focus on the wrong parts of the energy mix.

Renewable heat, or heating itself is 80% of the energy we use in our homes.

We are using fossil fuels for that.

If we are not going to tackle that, we have no chance of hitting our carbon targets going forward.

We have to face the reality that these floods will become a thing of the future.

Your business has a vested interest.

We set this up because of what is going on.

I have been with innasol for two years now.

We look at the u.k. and the inefficient building stock.

45% of homes -- to do you think what is happening now -- if you're a homeowner and once you dry your home out, do you think you're going to be more minded to say, i am going to do a little bit to help this, to maybe her event further down the road, my children are being -- my children or grandchildren from having to go through this.

It will bring me hold -- the whole of the heating side to reality.

There is an incentive to change.

The government will help you make that switch.

What we're saying is we need more investment in the renewable heat incentive and across the whole of the supply chain.

We need more infrastructure, more logistics.

There is a key factor that people do not understand.

The main renewable heating technology is biomass.

That is a mature industry.

We have 70 million more spectators of forest that we did 20 years ago.

-- hectacres of forest than we did 20 years ago.

To put that into context, that is 1.3 million football pitches of forest that we are growing a year.

It sucks out the carbon from the environment and we can use that to heat our homes.

They can give the industry a big push.

It is there, and is waiting to happen.

The u.k. is about a decade behind our european cousins.

Thank you very much.

David rae, the cfo of innasol.

This text has been automatically generated. It may not be 100% accurate.


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