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UK to Fund £1bn Green Energy Boost
12 Jan
Summary
- Government plans support worth up to £1bn annually.
- Funding will be sourced from consumer energy bills.
- Auction aims to secure five gigawatts of offshore wind.
The UK government is poised to implement a substantial support package, potentially reaching £1 billion each year, to advance the development of new wind and solar farms. This funding will be derived from consumers, integrated into their energy bills, underscoring a commitment to renewable energy infrastructure.
Cornwall Insight anticipates that an upcoming auction process will successfully secure approximately five gigawatts of offshore wind capacity. This crucial measure is designed to accelerate the deployment of renewable energy sources across the country, contributing to national energy targets.
The proposed financial backing signifies a major governmental push towards expanding clean energy production. By involving consumers in the funding mechanism, the initiative highlights a collective investment in a sustainable energy future.
