The UK Treasury on Friday announced GBP 960 million (USD 1.2bn/EUR 1.1bn) for clean energy manufacturing as part of GBP 4.5 billion for strategic manufacturing sectors, to be available for five years from 2025.
The clean energy funding has been committed to a Green Industries Growth Accelerator, which will invest in UK supply chains across carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind.
“At a time when international competition for investment in clean technology manufacturing is fierce, the Chancellor is right to take a more proactive approach to stimulate green industrial growth,” said Dan McGrail, chief executive of industry organisation RenewableUK.
“The Chancellor has been clear that the Green Industries Growth Accelerator is for strategic industries, targeted to unlock maximum private investment where the UK can be competitive – and there couldn’t be a better fit for that than offshore wind and renewables,” he further commented, adding that the offshore wind supply chain alone could boost the UK’s economy by GBP 92 billion by 2040.
(GBP 1 = USD 1.244/EUR 1.144)