A further boost for Great British Energy (GBE) has been promised at the Future of Energy Security summit
A £300m GBE boost has been announced ahead of a Spending Review.
The money will go towards domestic clean energy supply chains.
Global offshore wind investment will be the objective of the £300m GBE boost
The investment is expected to bring about additional private investments worth billions. This will de-risk clean energy projects and bring about thousands of new jobs in UK industry.
This boost comes on top of £43bn of private investment that has been pledged for clean energy projects since July.
The funding has been fast-tracked to Great British Energy to invest in supply chains for offshore wind manufacturing components, including floating platforms and cables. The UK government has already invested in domestic supply chains via the Clean Industry Bonus and the National Wealth Fund.
The £300m GBE boost also comes under the latest Industrial Strategy, intended to turbocharge growth in key sectors, including clean energy.
“Great British Energy will help the UK win the global race for clean energy jobs and growth”
Prime minister, Keir Starmer, said: “Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.
“That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers.
“Let my message to the world go out: come and build the clean energy future in Britain.”
Energy secretary, Ed Miliband, said: “It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control.
“That is why this government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country.
Dan McGrail, interim CEO of Great British Energy, said: “Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.
“We will work closely with businesses across the clean energy sector to get funding out as fast as possible and get projects off the ground.
Deputy CEO of RenewableUK, Jane Cooper, said: “There’s a huge opportunity for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make our home-grown energy supply even more secure.
“The Prime Minister’s funding will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment. By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25 billion to the UK economy and creating an additional 10,000 jobs in the supply chain.
“This new government funding is a clear signal of intent to secure those priorities and is vital to unlocking further co-investment from industry.”
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