The UK is no longer the European leader in terms of green energy projects attracting foreign investment, new research from EY has revealed.
France has taken over the top spot, experts have said, following a 57% drop in the number of renewable projects attracting inward investment into Britain.
This, professional services firm EY points out, contrasts with a "surge in inward investment in renewables in 2023".
The decline, The Times reports, comes amid the government's stepping up of investment in a bid to meet decarbonisation targets and limit reliance on international gas markets.
Lee Downham, energy and resources lead at EY in Britain, said: “The UK must continue to attract a strong pipeline of renewable investments if it’s to achieve its energy security ambitions.
“While investors have traditionally viewed the UK as an appealing destination for clean energy, lengthy planning procedures and slow grid connectivity have been seen as drags on UK attractiveness, in addition to uncertainty over future pricing.”
EY's analysis looked at investment into the electricity, gas, water and waste utilities sectors, with a particular focus on renewables and green energy.
Investments tracked covered everything from new solar farms being built and energy storage and hydrogen facilities to establishing new headquarters and research sites.
Research found that last year, 39 projects of these types attracted foreign investment in the UK, down from 93 the previous year.