Home / Environment / UK Allocates £1.1B Annually to Boost Offshore Wind Power for 2030 Net Zero Goal
UK Allocates £1.1B Annually to Boost Offshore Wind Power for 2030 Net Zero Goal
27 Oct
Summary
- UK government sets aside £1.1B per year for offshore wind power development
- Renewable energy now accounts for 50% of UK's electricity, with wind power at 30%
- Experts warn 2030 net zero target may be at risk due to high costs
In a significant move to accelerate the UK's transition to green electricity, the government has set aside £1.1 billion per year to fund offshore wind power development. This latest funding round is part of the country's efforts to meet its 2030 target of completely eliminating carbon emissions from the electricity sector.
The investment will be split, with £900 million allocated for fixed offshore wind turbines and an additional £180 million for floating platforms. This comes as renewable energy sources now account for around 50% of the UK's electricity generation, with wind power alone contributing 30% - overtaking gas-fired power stations for the first time.
However, the path to the 2030 net zero goal is not without challenges. Government sources have previously suggested that the ambitious target may be reconsidered if it leads to a substantial increase in household energy bills. The opposition parties have also criticized the net zero policies, vowing to abandon them if elected.
Despite these concerns, the government remains committed to the offshore wind investment, with the energy secretary, Ed Miliband, stating that the funding demonstrates the "big backing by the Treasury." The final budget could even rise higher if ministers are satisfied that the projects provide good value for money for consumers.
