Published on October 12th, 2017 | by Joshua S Hill0
UK Government Sets Out Clean Growth Strategy & £557 Million For Renewable Energy Auction
October 12th, 2017 by Joshua S Hill
The UK Government has announced an ambitious new Clean Growth Strategy to drastically cut carbon emissions and combat climate change, including £557 million for the country’s third renewable energy Contracts for Difference auction set for spring of 2019.
Wednesday saw the UK Government launch its new Clean Growth Strategy which sets out how to grow the national economy while simultaneously cutting greenhouse gas emissions. The UK wants to focus on supporting developing and creating new technologies and new businesses, helping to grow jobs and prosperity across the UK, while meeting the country’s national climate change targets.
“This government has put clean growth at the heart of its Industrial Strategy to increase productivity, boost people’s earning power and ensure Britain continues to lead the world in efforts to tackle climate change,” said UK Business and Energy Secretary Greg Clark. “For the first time in a generation, the British government is leading the way on taking decisions on new nuclear, rolling out smart meters and investing in low carbon innovation. The world is moving from being powered by polluting fossil fuels to clean energy. It’s as big a change as the move from the age of steam to the age of oil and Britain is showing the way.”
The new Clean Growth Strategy for the first time sets out how the Government will distribute in excess of £2.5 billion worth of investments to support low carbon innovation from 2015 through to 2021 — including up to £505 million from the Department for Business, Energy and Industrial Strategy’s Energy Innovation Programme, which aims to accelerate the commercialization of innovative clean energy technologies and processes.
“The impact of the Paris agreement and the unstoppable global shift towards low carbon technologies gives the UK an unparalleled opportunity,” added Climate Change and Industry Minister Claire Perry. “By focusing on Clean Growth, we can cut the cost of energy, drive economic prosperity, create high value jobs and improve our quality of life.”
Parallel to the publication of the Government’s Clean Growth Strategy was the announcement of the country’s third Contracts for Difference renewable energy auction, which will compete for £557 million to go towards “less established” renewable electricity projects — likely to include offshore wind and marine technologies like tidal and wave energy generation.
“The government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy,” explained Energy Minister Richard Harrington. “We’ve shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.”
The news was welcomed by industry groups, especially those representing the “less established” technologies likely to compete for the next auction.
“This announcement secures cheap, home-grown, clean energy for the UK. Greg Clark’s department is helping to build a world-leading offshore wind industry which can power a clean industrial revolution, creating new jobs and attracting billions of new investment,” said Hugh McNeal, RenewableUK’s Chief Executive. “Last month we saw a record 50% drop in the cost of offshore wind. This amazing cost reduction is a reminder of what innovative industry can deliver when backed by competitive auctions. Onshore wind is the cheapest form of new power generation, and it would be exciting to see what projects in the right places could deliver for UK consumers.”