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global news By Tsvetana Paraskova
UK REVIEW UK PLEDGES TO ACCELERATE GREEN GROWTH
T
he UK has recently vowed to support continued investment in renewables and earmarked funding for clean energy manufacturing in a bid to boost Britain’s technologies and capacity generation that are expected to
Storage (CCUS) deployment, ensuring that the government’s world-leading clean energy deployment continues at pace and remains on track to meet the government’s energy security and net zero ambitions,” according to the statement.
face in accessing the grid. New measures are expected to cut grid access delays by 90 percent and offer up to £10,000 off electricity bills over 10 years for those living closest to new transmission infrastructure, the Chancellor noted.
help deliver the net zero target.
In addition, to further speed up the UK’s world-leading offshore wind deployment, the government will bring forward legislation to provide the Crown Estate with borrowing and wider investment powers as soon as parliamentary time allows, which will help to unlock a further 20-30 gigawatts (GW) of new offshore wind seabed rights by 2030.
“Taken together these planning and grid reforms are estimated to accelerate around £90 billion of additional business investment over the next 10 years,” he added.
Autumn Statement Vows To Boost Renewables The government will support continued investment in the UK’s renewable generation capacity, Chancellor of the Exchequer Jeremy Hunt said in the Autumn Statement at the end of November. The government will legislate for a new investment exemption for the so-called Electricity Generator Levy (EGL), under which new projects for which the substantive decision to proceed is made on or after 22 November 2023 will be exempt from the EGL. The levy will end as planned on 31 March 2028. “The government has also set out the parameters for the next renewables Contracts for Difference auction round, increasing the maximum price that can be received, and will shortly publish further details on growing hydrogen and Carbon Capture, Usage and
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The UK government is currently working with The Crown Estate to bring forward additional floating wind in the Celtic Sea through the 2030s, which could see an additional 12 GW of generation deployed, alongside the 4.5 GW round due to open soon, with the potential to deliver £20 billion of direct investment from deployment in the area. “This Autumn Statement will boost investment to support the government’s clear plans to deliver net zero and energy security objectives. UK firms are ready to supply vital goods and services to the new global green economy, maximising growth opportunities through the transition,” the Chancellor said. The government also aims to address the long delays clean energy projects currently
“To get Great Britain building and to deliver energy security and the net zero transition, the government will remove barriers to investment in critical infrastructure by reforming the UK’s inefficient planning system and speeding up electricity grid connection times,” the Autumn Statement says. RenewableUK welcomed the measures for accelerating green growth in the Autumn Statement. “There’s a strong focus in Chancellor’s Autumn Statement on accelerating green industrial growth. His announcement on permanent full expensing will provide a much-needed degree of long-term certainty for investors in green technologies, helping to make the UK an attractive destination for investment in clean energy projects and manufacturing,” RenewableUK’s Chief Executive Dan McGrail said.
