Britain has voted to leave the EU. WIN because a £265 million investment in the green sector will create 60,000 employment.
BREXIT BRITAIN is on the verge of a major victory, as the government announces plans to invest millions of pounds in the green energy sector.
The UK government will explain today how it aims to use its world-leading green energy strategy to generate additional electricity from renewable sources. The Contracts for Difference (CfD) initiative encourages British businesses to invest in low-carbon electricity generation. The program encourages businesses to go green by sharing the cost of moving to net-zero energy while assuring that customers’ bills do not spike even when prices are high.
The government will distribute £265 million in the fourth phase of the scheme.
The money will more than treble the UK’s renewable energy capacity, which was secured in the scheme’s third round.
The UK is anticipated to generate more power than it did in the previous three rounds combined now that it has received the boost.
In addition, the nation’s fast increasing offshore wind farms will be able to power up to eight million residences.
The government will spend £200 million in offshore wind projects as part of today’s announcement.
By 2030, the United Kingdom plans to have a 40-gigawatt capacity.
The government is also allocating £55 million to assist innovative renewable technology, with £24 million set aside for the first time for floating offshore projects.
Established technologies will have the opportunity to bid for Government support through the CfD for the first time since 2015.
Companies that are already working in offshore wind and solar power are among them.
With a £10 million budget, the government hopes to raise capacity by 5GW.
The money will go to enterprises all around the UK, with a focus on Scotland and Wales.
The offshore wind sector alone may support up to 60,000 jobs within the next decade, according to Prime Minister Boris Johnson’s Ten Point Plan for a Green Industrial Revolution.
“The Contracts for Difference scheme has helped the UK become a world leader in clean electricity generation while also lowering rates for consumers,” said Energy Minister Anne-Marie Trevelyan.
“Today’s new initiatives build on the Prime Minister’s Ten Point Plan by supporting the next generation of renewable energy projects that will power our homes and help us meet our world-leading climate change targets.”
The CfD initiative has previously helped to provide sustainable energy to almost seven million homes.
More critically, this was accomplished without causing financial hardship to homeowners. “Brinkwire News in Condensed Form.”