During the opening day of the World Leaders Summit at COP29 in Baku, Azerbaijan, the UK’s Prime Minister Keir Starmer unveiled a new strategy aimed at motivating offshore wind developers to invest in the country’s industrial heartlands, coastal areas, and oil and gas communities.
According to the government, the Clean Industry Bonus will offer a provisional GBP 27 million per GW of offshore wind projects, potentially raising the budget to GBP 200 million if 7 GW to 8 GW of projects apply.
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Securing £1 billion investment in offshore wind is a major step forward in our mission to make the UK a clean energy superpower. It will fire up our industrial heartlands and break down barriers to growth across the country. We will lead the world in industries of the future. pic.twitter.com/2utqlbsWYe
The bonus is said to create the conditions for cleaner energy industries to thrive in the UK and elsewhere, while rewarding companies for investing in less polluting suppliers – tackling the climate crisis at home and abroad.
It will help to crowd in private investment in communities across Scotland, Wales, the North East, and the North West to build more sustainable offshore wind blades, cables, and ports – reducing industrial emissions and helping support the rollout of clean power for families, said the UK government.
“By acting decisively and early, the UK has an opportunity to lead the world in the industries of the future — working in partnership with business — creating real energy security, cutting energy bills and building jobs and supply chains in the UK”, said Prime Minister Keir Starmer .
“But we can’t move alone – and at COP I will lead efforts to protect Britain from climate change by also working with other countries to accelerate the global clean transition to tackle the causes at its root.”
Action has already been taken to reduce emissions through the government’s clean power by 2030 mission, with several steps implemented to date, including the launch of Great British Energy this year.
In a further boost to British manufacturing, ScottishPower has awarded a GBP 1 billion turbine contract for its East Anglia Two offshore wind farm to Siemens Gamesa, including blade production at its Hull factory.
The contract is expected to inject growth into the industrial heartlands with Siemens Gamesa employing over 1,300 people in Humberside, following recruitment.
This funding is said to reflect the commitment made at last month’s International Investment Summit, where Iberdrola, via ScottishPower, announced an increase in its UK investment from GBP 12 billion to GBP 24 billion over the next four years.
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