The UK government will publish its long-awaited Industrial Strategy later this month, setting out plans to accelerate growth across eight key sectors including clean energy, Chancellor Rachel Reeves confirmed in her first Spending Review on Tuesday.
“The strategy will be published later in June,” the government stated in the official review, which was presented to parliament on June 11. The document is expected to outline policies to support innovation, infrastructure, and investment in strategic industries.
As part of the review, the government also allocated significant funding to energy initiatives. The newly established Great British Energy company is set to receive £8.3 billion from the National Wealth Fund to support clean energy projects by 2030. This includes £300 million previously announced in April to strengthen domestic supply chains for offshore wind.
“Today’s confirmation of £80 million investment in Port Talbot is particularly timely,” said Ana Musat, executive director of policy at RenewableUK. “The development of new port facilities will be crucial to enable this, helping to secure manufacturing facilities in coastal communities around the country.”
The government confirmed that the Port Talbot site in south Wales will receive funding through the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) to support floating wind deployment.
In the nuclear sector, the Spending Review earmarked £14.2 billion for the Sizewell C power station in Suffolk and £2.5 billion for the development of small modular reactors. Nearly £10 billion has also been allocated to carbon capture and storage projects.
While clean energy received substantial attention, there were fewer new announcements specific to the renewables sector beyond offshore wind and port infrastructure.
“This Spending Review sends a clear message – the government is doubling down on its commitment to achieve clean power by 2030,” said Laura Fleming, managing director of Hitachi Energy UK and Ireland. “I am grateful that the chancellor seems to recognise the enormous growth opportunity of clean energy and investing in the grid.
