Investment into green energy plummeted for the second year in a row as a result of the confusion within government over its energy policies.
According to Bloomberg New Energy Finance, investment into wind, solar and other renewables declined by 56% to £7.5 billion in the UK.
Alan Whitehead, shadow energy minister, said: “Whilst saying they [the government] have ambitions to be a green government their actions point in the opposite direction with renewables support slashed at the same time that fracking has been given the go ahead.”
This comes following the Autumn Budget in 2017, which revealed the government will not introduce any new “green taxes” until 2025 to protect consumers from rising energy bills.
Rising energy costs have come under fire from advocates for business groups and household consumers, with green subsidies cited as a major contributing factor to Britain having some of the highest energy bills in Europe.
Meanwhile, spending on renewable energy also fell in Germany, Japan, India, Norway, Turkey and Taiwan.
A report by Dieter Helm found that UK households are paying significantly more for green subsidies than initially forecast and that investment into reducing carbon emissions could have been achieved at a much lower cost.