PROPER FUNDING is vital for the success of a new government tax incentive scheme aimed at encouraging investment in green technology, warns the Environmental Industries Commission.
The Green Technology Challenge consultation paper, published at the end of July, proposes tax breaks to encourage mainstream UK industry to invest in improving its environmental performance.
EIC director Merlin Hyman welcomed the move but pointed out that it would only work if properly funded.
'It is vital that the Treasury now gives the resources to support investment in the wide range of solutions the environmental industry can provide, to address the key environmental challenges we face, ' he said.
Firms investing in innovative technologies that contribute to environmental protection will benefit from a 100% first year capital allowance.
The move comes on the back of developments made by the environmental technology industry aimed at solving problems such as climate change and pollution of land, water and air, EIC said.
'The EIC has campaigned since 1995 for the introduction of these incentives which will encourage companies to invest in the environment, and thereby boost international competitiveness, create jobs and protect public health, ' Hyman added.