U.K. Clean Energy Sector Shrinks After Government Subsidy Cuts
- Renewable energy and low carbon generated $52.5B in 2015
- Sector accounts of 1.3 percent of country’s business economy
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The U.K.’s renewable and low-carbon energy sector shrank by 8.7 percent last year, partly because of cuts to subsidies.
The sector, from wind farms to electric vehicles, turned over 42.2 billion pounds ($52.5 billion) in 2015, provisional figures by the Office for National Statistics showed on Friday. That’s lower than the 46.2 billion pound recorded in 2014.