UK Announces $1.2 Billion to Support Clean Energy Manufacturing
The funding will be available from 2025 for five years
The UK government has pledged to provide £960 million (~$1.19 billion) for the Green Industries Growth Accelerator to support clean energy manufacturing. This investment will enable the growth of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilization and storage, electricity networks, hydrogen, nuclear, and offshore wind.
The funding will be available from the year 2025 for five years. The funding aims to give long-term assurance to the industry about their investments.
Along with the existing manufacturing support and net zero transition, the package aims to open up opportunities for private investors and strengthen energy security.
Since 2010, this strategy has brought £198 billion (~$246.7 billion) in public and private funding for implementing low-carbon energy. This investment will help the UK capitalize on growth potential as it moves forward to net zero, leveraging its strong deployment portfolio and industry-leading decarbonization record.
Energy Security and Net Zero Secretary Claire Coutinho said: “Today we are announcing nearly £1bn to back our green industries. While we’ve already attracted £200 billion (~$249.2 billion) in low carbon investment since 2010, with another £100 billion (~$124.6 billion) expected by 2030, this will unlock even more. We have long been energy pioneers in advanced manufacturing, and this will allow us to carry on that great British tradition.”
The UK government has also planned a hydrogen industry task force in partnership with the Hydrogen Innovation Initiative and Innovate for the UK. The task force aims at maximum investment opportunities for hydrogen propulsion manufacturing in the UK.
In 2022, the UK government introduced its Energy Security Strategy, supported by a £100 billion (~$124.6 billion) investment in the renewables sector and improved electricity supply efficiency.
The UK’s transformation to clean energy is expected to draw £100 billion (~$124.6 billion) in private investment and support the nation’s journey towards sustainable energy and job creation.