Government pledges nearly £10bn in green energy infrastructure

Worth £9.7bn, it will support growth in vital sectors such as wind and hydrogen energy, sustainable homes, as well as carbon capture and storage. The new package was announced by Prime Minister Boris Johnson today (19 October) at the Global Investment Summit, which took place at the Science Museum in London.

In addition to this, the Department for International Trade has launched a new Investment Altas, an online platform designed to help international investors identify and execute high priority investment opportunities across the UK. New projects showcased by Atlas include offshore wind substructures in Scotland, manufacturing ports in Teesside and Humber, and net-zero transport in Coventry.

Commenting on the news, Prime Minister Boris Johnson said: “The world’s top investors have seen massive potential in the UK for growth and innovation in the industries of the future. The fantastic £9.7bn of new investment we have secured today will power our economic recovery, creating thousands of jobs and helping to level up across the country.”

As part of the new investment committed, electric utility company Iberdrola have confirmed their intent to invest £6bn in the east Anglia hub through Scottish Power, subject to securing planning consent. This would be the firm’s biggest offshore wind development anywhere in the world, which would supply enough green energy to power 2.7 million British homes.

Commenting on this, Iberdrola’s chairman Ignacio Galán said: “Our £6bn investment in the east Anglia hub would be a significant step to achieving enough offshore wind to power every UK home by 2030.”

Other investments that were announced include news that peer-to-peer lending firm Zopa has raised £220m, led by Softbank Vision Fund 2, to grow its responsible and sustainable banking and lending services in the UK.

The government will also launch its net zero strategy this week, setting out how the UK will deliver on its commitment to reach net zero emissions by 2050. This will include measures to create a secure, home-grown clean UK energy sector, supporting businesses and consumers to transition to clean power.

It comes after the National Audit Office blamed the government for the Green Homes Grant Voucher Scheme, which it said was rushed and fell short of carbon reduction goals.