The UK needs to spend £8 billion on waste infrastructure by 2020, a report from a group of MPs and business leaders has found.
The research also reveals that investment required in waste infrastructure will need to total £15 billion by 2030 in order to meet EU regulations.
The Associate Parliamentary Sustainable Resource Group says that the construction of waste management facilities is thwarted by the protracted planning process which undermines investor confidence. It goes on to say that government policy enshrined in the Localism Bill and national planning policy frameworks is unlikely to relieve the situation.
Jamie Reed, Labour’s shadow minister for environment, said: “More infrastructure is needed to deal with our waste, not only so we can use this valuable source of energy and materials, but also, so that we avoid paying millions of pounds in landfill tax and EU fines.”
The report, sponsored by BNP Paribas Real Estate, says barriers to investment also include a reduction in public spending, a fall in bank lending and inherent waste infrastructure project risks. It recommends the government establish a single, leading committee on waste infrastructure to encouraging stronger links between the private waste sector and real estate investors. In particular, the report highlights the potential role of the Green Investment Bank in providing greater certainty for investors.