Latest news with #CleanIndustryBonus
Reuters
09-05-2025
- Business
- Reuters
Britain increases wind farm incentives funding to $720 million
LONDON, May 9 (Reuters) - Britain has more than doubled funding available under a scheme seeking to spur investment in offshore wind projects to 544 million pounds ($721.78 million), after higher than expected demand, the government said on Friday. The country has put offshore wind at the heart of its 2030 clean energy plan and hopes to boost capacity from around 15 GW at present to 43-50 GW by the end of the decade. But there are worries it could miss targets after one of the largest projects in development, Orsted's Hornsea 4 project, was cancelled this week. The Danish company said it was no longer economic to proceed given rising building costs. An expansion of the investment incentive scheme which the government calls the 'Clean Industry Bonus' from an initial budget of 200 million pounds to 544 million pounds could help improve the financial viability of new projects. The scheme will help underpin the economics of projects bidding in Britain's next annual renewable subsidy auction which will be held later this year. Successful bidders in the Clean Industry Bonus will receive an initial 27 million pounds in funding for every gigawatt (GW) of capacity from offshore wind projects. It is open to developers investing in regions that need it most or in cleaner supply chains, including traditional oil and gas communities, ex-industrial areas and ports and coastal towns, the Department for Energy Security and Net Zero (DESNZ) said. "This additional funding has the potential to help secure billions in private investment in new factories manufacturing components for the offshore wind industry across the UK," Ana Musat, Executive Director of Policy at industry group RenewableUK said in the government statement. ($1 = 0.7537 pounds)
Business News Wales
24-04-2025
- Business
- Business News Wales
£300m Funding Unveiled for Supply Chains for Domestic Offshore Wind
An initial £300 million of funding through Great British Energy is set to be invested in supply chains for domestic offshore wind. The UK Government said it expected that the investment will directly and indirectly mobilise billions in additional private investment. The funding will allow Great British Energy, the publicly-owned clean energy company, to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables. 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.' The UK Government said the move builds on its investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund. 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.' The Prime Minister, Ministers and business leaders gathered in London for a two-day Summit on the Future of Energy Security, hosted by the UK Government and International Energy Agency. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, came together to address the global challenges and opportunities of speeding up the clean energy transition. The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier have also written to global clean energy developers and investors inviting them calling on them to invest in Britain. 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.' The funding for supply chains will be made available as part of the £8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.
Yahoo
16-03-2025
- Business
- Yahoo
Government launches multimillion-dollar program that could power millions of homes: 'A huge challenge but ... achievable'
Reuters recently reported that Britain is looking to drive offshore wind power development in support of its efforts to decarbonize — or move away from energy systems that produce carbon dioxide pollution and other greenhouse gases. Under the Clean Industry Bonus scheme, developers can receive 27 million pounds ($33.5 million) in government-backed funding for every gigawatt of electricity they produce from these projects. The bidding will take place during various upcoming renewable energy auctions. Auctions held in 2024 secured enough clean energy to power 11 million homes in the United Kingdom, as reported by the Guardian. According to Reuters, the country's National Energy System Operator said in a report that, "Clean Power is a huge challenge but is achievable for Great Britain by 2030." Should the government continue to give tax incentives for energy-efficient home upgrades? Absolutely No Depends on the upgrade I don't know Click your choice to see results and speak your mind. So why this emphasis on offshore windmills in the U.K.? The North Sea area is very windy and has a shallow sea, per National Grid, which makes it a perfect development area for offshore wind farms. Meanwhile, locating windmill development offshore preserves available land and vegetation, which may be scarce in certain areas. Plus, the turbines must be higher than any surrounding structures — offshore locations, far from homes and other buildings, help avoid obstructing views. These development initiatives can also help boost the economy. Workers are necessary to build wind turbines and keep them running. In the United States, according to Clean Power, wind turbine technician is a fast growing job. These types of projects have also delivered over $2 billion in state and local taxes as well as land-lease payments in the U.S., where the Inflation Reduction Act has helped many American residents and businesses get rebates and tax credits to upgrade to clean energy. Of course, there are also the positive impacts on the environment, as clean energy sources like wind turbines don't emit the polluting gases that contribute to the planet's increasing heat. Residents can enjoy cleaner air while saving money by reducing reliance on dirty fuels. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
The Independent
13-02-2025
- Business
- The Independent
Government investment targeted at clean energy manufacturing and skilled jobs
The Government has announced new investment aimed at supporting clean energy manufacturing and skilled jobs. Ministers said offshore wind developers can now bid for financial support if they drive investment in the UK's most deprived regions. Applications have opened for a so-called Clean Industry Bonus, offering financial support for offshore wind developers, on condition they prioritise their investment in areas including traditional oil and gas communities. The support rewards developers who build more sustainable low-carbon factories, offshore wind blades, cables and ports to reduce industrial emissions across the clean energy supply chain. Energy Secretary Ed Miliband said: 'We are backing our proud manufacturing, coastal and oil and gas communities with good jobs, skills and private sector investment – delivering on the Government's Plan for Change. 'This is our clean energy superpower mission in action, kickstarting growth, delivering energy security and transforming towns and cities as part of the transition – from the ports of Nigg and Leith to the manufacturing hubs of Blyth and Hull.' Dan McGrail, chief executive of RenewableUK, said: 'The offshore wind industry already employs over 34,000 people in the UK, but there's an opportunity to treble this number by the end of the decade if we grow the sector's supply chain. 'Government initiatives like the Clean Industry Bonus, coupled with industry initiatives to support innovation and the upcoming Industrial Strategy, could drive hundreds of millions of pounds of private investment into new manufacturing.' Dhara Vyas, Energy UK chief executive, said: 'Offshore wind is set to become the backbone of a decarbonised power system. 'To build an industry that is resilient to supply chain challenges, we need a framework that supports sustainable deployment, while fostering investment in the UK's industrial heartlands. 'The Clean Industry Bonus will help to unlock economic growth, create job opportunities, and maintain the UK's position as a global leader in offshore wind.' Up to £200 million of funding could be made available, with an initial £27 million per Gigawatt of offshore wind projects. Funding results will be announced by the Energy Secretary in the summer. Unite general secretary Sharon Graham said the bonus scheme 'is a baby step in the right direction but the funding on offer so far is nowhere near enough to transform offshore wind manufacturing in the UK'. She added: 'If the Government is going to get anywhere close to its targets on domestic wind manufacture and green jobs it will need to come up with much more ambitious levels of investment and make sure that it delivers.'
Reuters
13-02-2025
- Business
- Reuters
Britain launches offshore wind farm incentives scheme
LONDON, Feb 13 (Reuters) - Britain opened an incentive scheme on Thursday for offshore wind projects, seeking to persuade developers to provide the investment to meet an ambitious goal of decarbonising the country's energy system by 2030. The scheme, called the 'Clean Industry Bonus', will provide successful bidders with an initial 27 million pounds ($33.5 million) in funding for every gigawatt (GW) of capacity from offshore wind projects. Britain has put offshore wind at the heart of its 2030 clean energy plan, setting out in December that it hopes to boost capacity from around 15 GW at present to 43-50 GW by the end of the decade. The country's grid operator last year described the government's ambition to generate power from 95% clean sources as a huge, but achievable, challenge. The bonus scheme aims to address some of the challenges Britain is likely to face in meeting that goal by rewarding developers who also commit to building the supply chain infrastructure their projects need. Britain is due to hold a fresh round of renewable auctions, in which developers bid for government-backed price guarantees for the electricity produced, later this year. The new funding will be delivered through the contracts awarded in that auction. ($1 = 0.8069 pounds)
