UK Treasury has earmarked GBP 960 million (USD 1.2 billion/EUR 1.1 billion) for clean energy manufacturing as part of a larger GBP 4.5 billion initiative, set to be available over a five-year period starting from 2025.
The dedicated funding for clean energy will be channeled into the Green Industries Growth Accelerator, a targeted investment initiative spanning carbon capture, utilization and storage, electricity networks, hydrogen, nuclear, and offshore wind. This announcement comes against the backdrop of intense international competition for investments in clean technology manufacturing.
Dan McGrail, Chief Executive of RenewableUK, lauded the Chancellor's proactive stance, stating, “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.”
McGrail emphasized the strategic nature of the Green Industries Growth Accelerator, designed to unlock maximum private investment in areas where the UK can be competitive. He specifically highlighted offshore wind and renewables as ideal candidates for such targeted investment. According to McGrail, the offshore wind supply chain alone has the potential to contribute significantly to the UK's economy, projecting a boost of GBP 92 billion by 2040.
The allocation reflects a broader commitment to positioning the UK as a key player in the global clean energy landscape, with a focus on fostering innovation and competitiveness in strategic sectors.
