UK government has unveiled a substantial funding package of £960 million for the Green Industries Growth Accelerator. This funding is earmarked for offshore wind companies, with a focus on nurturing domestic supply chains, particularly in the hydrogen, storage, and nuclear sectors.
Championed by Prime Minister Rishi Sunak as part of a broader £4.5 billion commitment to bolster British manufacturing across various sectors, the initiative aims to stimulate economic growth and attract private investment.
Claire Coutinho, Energy Security and Net Zero Secretary, emphasized the potential impact of the funding, stating, “Today, we are announcing nearly £1 billion to back our green industries. While we've already attracted £200 billion in low carbon investment since 2010, with another £100 billion expected by 2030, this will unlock even more. We have long been energy pioneers in advanced manufacturing, and this will allow us to carry on that great British tradition.”
Richard Sandford, Co-chair of the Offshore Wind Industry Council (OWIC), welcomed the funding, highlighting its role in accelerating the growth of the UK's offshore wind supply chain amid intense global competition for investment in new manufacturing facilities. Sandford expressed confidence that this boost would not only support domestic projects but also position the UK as a key exporter of offshore wind products and services globally.
“The measures announced by the government today will help us to scale up the UK's offshore wind supply chain faster in the face of unprecedented international competition for investment in new manufacturing facilities. This will not only enable us to supply projects in UK waters but also to export our world-class offshore wind products and services globally, where they are already in great demand,” said Sandford.
The Offshore Wind Industry Council is collaborating with RenewableUK and the wider sector to develop an Industrial Growth Plan, focusing on areas where the UK possesses a strong competitive advantage. The government's commitment to the Green Industries Growth Accelerator is seen as instrumental in ensuring that the UK maintains its position as a global leader in cutting-edge offshore wind technology.