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Govt Pledges £730m For Renewable Electricity Projects

The government has stressed its commitment to spend £730 million a year to support renewable electricity projects over this parliament, with the next Contracts for Difference auction intended to provide enough renewable power to supply about one million homes.

It’s also hoped that the move will see carbon emissions reduced by approximately 2.5 million tonnes a year from 2021/22 onwards. And proposals have also been set out for the next steps in phasing out electricity generation from coal-fired power stations in the next ten years.

Greg Clark, business and energy secretary, said the government is now sending a strong signal that the country is one of the best in the world for investments in clean and flexible energy as steps are now being taken to upgrade the UK’s energy infrastructure.

“This is a key part of our upcoming Industrial Strategy, which will provide companies with the further support they need to innovate as we build a diverse energy system fit for the 21st century that is reliable while keeping bills down for our families and businesses,” he went on to say.

It’s certainly good to see more moves being made to help the country meet its EU 2020 targets for renewable energy, especially since National Grid said earlier this year that the UK is in line to miss these and will also fail to meet its own CO2 reduction plans unless stronger policies are brought in.

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