UK Government to enhance green sector manufacturing through £960 million package

The UK government revealed a package of funding worth over £950 million which will be given to industries such as offshore wind and electric vehicles.

British manufacturers are expected to welcome this package with open arms because the funding will heavily support clean energy projects. Technologies expected to further support these projects include electricity networks, carbon capture, utilisation and hydrogen. These projects will allow the UK to transition securely to net zero by 2035, whilst becoming a world leader in decarbonisation.

On top of this funding, on the 16th of November, over £4 billion in funding was announced towards a range of incredible renewable technologies in the next Contracts for Difference round.

Out of these new technologies, offshore wind has found the biggest boost as its strike price rose by more than 65%. It comes as no surprise that the sector has been extremely pleased with this boost, with many people feeling it could attract beneficial investment in the industry after a disappointing AR5.

The UK is currently the eighth biggest manufacturer in the world, impressively taking over France in recent years. To further enhance this success, the UK is targeting funding to support the industries where the UK could be world-leading. This will help the UK to compete with international competition.

The £4 billion of funding will grow our economy, creating higher-paid jobs in new sectors that will be built to last for many decades to come. The Offshore Wind Industry Council believe the funding will assist in scaling up the UK’s offshore wind supply chain quicker. This will supply projects in UK waters as well as export the UK’s world-class offshore wind products and services across the world, during times of high demand. It is expected that the offshore wind supply chain might be worth more than £90 billion to the UK’s economy by 2040.

Growing the UK’s offshore wind sector will allow us to produce tens of thousands of new jobs as well as strengthen our energy security. These technological advances will become the backbone of our future clean energy system.

 

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