Leading economist Lord Stern has urged chancellor George Osborne to seize the opportunity presented by his annual budget to boost investment and innovation in the green economy.
The government estimates that an additional £100 billion needs to be invested in electricity generation alone by 2020 in order to replace ageing infrastructure and improve efficiency.
Writing for the Financial Times, Stern said, "This week's budget provides a vital opportunity for George Osborne to boost economic growth and employment by stimulating investment is cleaner and more efficient energy for homes and businesses."
Stern has previously said that delaying climate action was "dangerous" and noted in his article that uncertainty is currently limiting investment.
Other factors such as the UK government opting out of setting a 2030 renewables target and uncertainty around the governments support for the commercialisation of carbon capture and storage technology have also had an impact.
Additional concerns have been raised following reports that Osborne will announce a freeze in the carbon price floor in the budget. "Such a U-tern would further damage the credibility of government policy as well as cutting off an important source of revenue, "Stern said.
He urged Osborne to announce further improvements to the green deal to boost energy efficiency and cut the cost of household bills. He also called for all political parties to recognise that turning energy policy into a "political football" is very costly.
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