Thursday, 19 July 2018
Latest news
Main » United Kingdom to provide £557m funding for new renewable energy projects

United Kingdom to provide £557m funding for new renewable energy projects

13 October 2017

The measures include up to GBP 557 million (USD 738m/EUR 622m) of funding for future contract for difference (CfD) auctions for less established renewables such as offshore wind that was announced yesterday. The offshore wind industry has helped create thousands of highly skilled jobs at factories in Hull and the Isle of Wight, and a burgeoning local supply chain across the country.

"Clean Growth is at the heart of the Industrial Strategy, and the United Kingdom government is determined to unlock opportunities across the United Kingdom, while cutting carbon emissions as the world moves to towards a low carbon future".

The long-awaited plan was presented to Parliament this morning, following an earlier launch event in London's Olympic Park at which climate change minister Claire Perry declared the world is "seeing a global unstoppable shift towards clean technology solutions".

The plans were broadly welcomed by the energy industry, but some specific policies drew criticism.

The new Clean Growth Strategy for the first time sets out how the Government will distribute in excess of £2.5 billion worth of investments to support low carbon innovation from 2015 through to 2021 - including up to £505 million from the Department for Business, Energy and Industrial Strategy's Energy Innovation Programme, which aims to accelerate the commercialization of innovative clean energy technologies and processes. Funding is also earmarked for low emission taxis and buses, as well as walking and cycling.

The government has announced a raft of plans to invest millions in renewable technology and low carbon innovations as the United Kingdom works to hit its 2050 climate target.

"Recent announcements in the offshore wind and vehicle manufacturing industries have highlighted how a clear vision, supported by detailed policies, enable the private sector to drive innovation, cut the costs of clean technologies and invest in United Kingdom jobs and supply chains".

The highly anticipated strategy comes nine months after it was promised, having been beset by delays from political events such as last year's European Union membership referendum, subsequent Brexit negotiations and June's General Election.

"This government has put clean growth at the heart of its Industrial Strategy to increase productivity, boost people's earning power and ensure Britain continues to lead the world in efforts to tackle climate change", said business and energy secretary Greg Clark.

Pressure had been mounting on the government to raise its ambition in today's plan, as decarbonisation policies outlined before today left the United Kingdom well short of what is required to meet the fourth and fifth carbon budgets, covering the periods 2023-2032. Emissions are down by 42 percent, while the economy has grown by 67 percent.

United Kingdom to provide £557m funding for new renewable energy projects