Yesterday’s failure in the House of Commons to secure legal targets for de-carbonisation are a blow to environmentalists and would-be investors in green tech alike.

Tory MP Tim Yeo had tabled an amendment (to the new Energy Bill) requiring hard targets for CO2 reduction measures be decided by 2014 that proved unpopular with the Treasury, preferring as they do to back shale (aka fracking) and convetional gas as a “quick fix” and to defer any decisions until after 2016. No surprise there as No. 10’s new energy adviser turns out to be an ex-gas company lobbyist!

The amendment was largely supported by green and wildlife groups, the renewables industry, Labour, SNP and the Green Party but was narrowly voted down by just 23 votes because, tweeted Labour leader Ed Milliband:

“Only about 15 Lib Dems backed their own policy of decarbonising the economy by 2030 in Commons vote. Huge missed opportunity”

Last month, government adviser the Committee on Climate Change (CCC) suggested that the carbon intensity of power generation be reduced to an average 50 grams of carbon dioxide (CO2) per kilowatt hour by 2030 from the current 500 gCO2/kWh.

The CCC said this would limit new gas-fired power plants after 2020, unless they are fitted with the as yet commercially unproven carbon capture and storage (CCS) technology or else as back-up for intermittent renewables.

Friends of the Earth head campaigner Andrew Pendleton commented:

“Investors say that they need certainty so they can make long-term investments in clean British energy. Without it we risk losing business overseas to countries that have made a clear commitment to developing a low-carbon future.”

..and as if to echo this exact sentiment a new report shows investment in green energy has fallen to a seven year low.