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Friday, 18 March 2016 10:27

U.K. plans $1.1B funding for new clean-energy technologies

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United Kingdom, London: The U.K. government will provide 810 million pounds ($1.1 billion) for new clean-energy technologies in an effort to reduce pollution and ensure electricity supply.

730 million pounds will be allocated by 2021 for as much as 4 GW of new offshore wind farms and other less-established renewable energy technologies, according to the Treasury budget statement on Wednesday, reports Bloomberg.

50 million pounds will be put aside for research in energy storage devices and another 30 million pounds for a competition to build the some of the world’s first small-scale nuclear reactors.

“Offshore wind will be cheaper than new nuclear power and competing with gas by 2025, making it even better value for money,” said Maf Smith, deputy chief executive of RenewableUK, an industry group that estimates the decision will deliver 3.5 gigawatts of offshore wind capacity from 2021 to 2025.

Source: Bloomberg

Additional Info

  • Continent: Europe
  • Category: Business