The Government finally switches on to a clean growth strategy

An electric car being charged

An electric car being charged

"This government has put clean growth at the heart of its Industrial Strategy to increase productivity, boost people's earning power and ensure Britain continues to lead the world in efforts to tackle climate change", said UK Business and Energy Secretary Greg Clark.

The Clean Growth Strategy aims to improve the route to market for renewable technologies such as offshore wind by committing up to £557M for further "Pot 2" Contract for Difference auctions, with the next one planned for spring 2019. The BEIS said carbon emissions in the United Kingdom have fallen and national income has risen faster and further than any other nation in the G7 since 1990.

The funding covers programmes in the energy, transport, agriculture and waste sectors, including £265m for smart energy systems and £1bn to promote electric and other low-emission vehicles.

"This announcement secures cheap, home-grown, clean energy for the UK".

Businesses can apply for a grant of £200,000 to £2 million to develop technologies that reduce carbon emissions associated with providing heat and hot water to buildings. In addition, up to £20 million will be used to demonstrate the viability of switching to low carbon fuels for industry.

The government confirmed its commitment to work with industry on what it described as an "ambitious" sector deal for offshore wind, which could result in 10 gigawatts of new capacity, with the opportunity for additional deployment if this is cost effective, built in the 2020s. The Clean Growth Strategy also discusses the long-term potential of bioenergy projects paired with carbon capture and storage (BECCS). Technologies categorized as "less established" in CfD regulations include offshore wind; advanced conversion technologies, with or without combined-heat-and-power (CHP); anaerobic digestion, with or without CHP; dedicated biomass with CHP; wave; tidal stream; and geothermal, with or without CHP.

The government has announced a raft of plans to invest millions in renewable technology and low carbon innovations as the United Kingdom works to hit its 2050 climate target.

A full copy of the Clean Growth Strategy can be downloaded from the BEIS website.

Golden Knights Home Opener At T-Mobile Arena - October 10th, 2017
Gilead Sciences' (GILD) Overweight Rating Reaffirmed at Barclays PLC