A cap on revenue and the lack of the kind of incentives offered to oil explorers are blocking the development of renewable energy in Britain, say industry officials who are pressing for changes ahead of this week's budget
British government targets include increasing offshore wind capacity to 50 gigawatts from around 14 GW now.
U.S. President Joe Biden's administration last year signed into law the Inflation Reduction Act, which delivers a support package for clean technology worth $370 billion.Other developers say the combination of levies, high energy prices, supply chain bottlenecks, inflation and interest rate rises means their projects are under threat.
They say the Energy Profit Levy windfall tax which last year raised the tax rate to 75%, one of the world's highest, is shrinking producers'Renewable developers say the oil and gas sector has for years enjoyed tax breaks, while green groups say the sector should no longer be given any incentives given the need to phase out fossil fuel.
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