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The Government finally switches on to a clean growth strategy
13 October 2017, 11:53 | Devin Moran
UK to provide £557m funding for new renewable energy projects
The measures include up to GBP 557 million (USD 738m/EUR 622m) of funding for future contract for difference (CfD) auctions for less established renewables such as offshore wind that was announced yesterday.
"Ministers are seizing the global opportunity to lead on low-carbon economic growth". "We've shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment".
"Clean Growth is at the heart of the Industrial Strategy, and the United Kingdom government is determined to unlock opportunities across the United Kingdom, while cutting carbon emissions as the world moves to towards a low carbon future".
However, the Aldersgate Group, an alliance of leaders from business and politics who are pushing for a sustainable economy, said the clean growth strategy sets the UK's economy on a competitive path.
"This announcement secures cheap, home-grown, clean energy for the UK".
The Department for Business, Energy and Industrial Strategy said it mainly expects gas-driven systems like heat pumps, hybrid systems like combining gas and electric heating and electrical systems to be supported. The latest auction saw the cost of new offshore wind fall by 50% compared to the first auction held in 2015 and resulted in over 3GW of new generation which could power 3.6 million homes.
On day prior to the release of the Clean Growth Strategy, the BEIS confirmed that up to £557 million will be available to support less established renewable electricity projects during the next CfD auction, now planned for the spring of 2019.
Other components of the 165-page plan indicate the government plans to end the sale of all new conventional petrol and diesel cars and vans by 2040, phase out the use of unabated coal to produce electricity by 2025, and develop new offshore wind and nuclear energy projects. "However, what's missing is clarity on how the lowest-cost technology, onshore wind, can deliver for United Kingdom consumers".
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Investment banking gains drives Citi's quarterly results
FILE PHOTO: A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. Bank of America Corp and Wells Fargo & Co, the second- and third-biggest US banks by assets, are due to report results on Friday.