City financier calls on government not to ignore energy security after instability in eastern Europe
Guy Hands, one of the City’s most flamboyant deal-makers, warns on Monday that the Ukraine crisis has underlined the importance of the UK’s renewable energy sector, and attacks those wanting to phase out onshore wind subsidies.
The financier, who has close links to the Conservative party, says energy security cannot be achieved by markets alone and that the government needs to play a decisive role. "We should be grateful to President Putin for bringing energy security back to the top of the political agenda in Europe. But it is up to us to ensure we understand and act on the long-term threat. And that is certainly not by turning our backs on renewable energy, no matter how persistent or loud the voices against it," Hands argues in an article on the Guardian website.