The government has announced a series of projects that will encourage fresh investment in green technology and renewable energy.
The Department for Business, Energy and Industrial Strategy (BEIS) said that its new plan would help to level up opportunities for regional economies, especially in more deprived areas, by providing investment for infrastructure, skills and innovation. As part of this, a new programme will be created to boost manufacturing in the UK's offshore wind industry.
The government will also be creating new green finance hubs in London and Leeds, to promote investment in clean energy schemes as well as sustainable farming initiatives.
The news clarifies the government's intention to make Britain a global leader in renewables and clean energy as part of its ambitious zero to hit 'net zero' by 2050. The investment comes after a fantastic year for clean energy, with the UK using more renewable electricity than fossil fuel energy for the first time on record in 2020.
The new investment support scheme for offshore wind manufacturing will help businesses to access grants that allow them to initiate the manufacturing of component parts for new wind farms. This will include the manufacturing of blades, array cables, towers, foundations and other essential components.
It's also interesting to note that the new funding will only be on offer to businesses located in deprived parts of the UK, as part of plans to help level up the economic activity of disadvantaged areas, hit hard by the Covid pandemic. By 2030, estimates suggest that 60,000 new jobs will be brought to these previously struggling areas as a result of direct investment.
The new green finance hubs will link £10m of funding to renewable developers in a bid to create more green jobs.