UK government pledges £300m to offshore wind as clean energy investors turn to Britain
The UK government has announced the launch of a new £300m funding round for Great British Energy, as part of a broader bid to attract private investment into the country’s energy transition
Speaking at the IEA’s Summit on the Future of Energy Security in London, Prime Minister Keir Starmer unveiled the commitment as part of an £8.3bn public spending pledge for the newly established, publicly owned Great British Energy company.
He also revealed that since Labour took office, private investors had committed approximately £43bn to clean energy projects in the UK. Most recently, ENI, the Italian energy company, pledged £2 billion in supply chain contracts for the HyNet Carbon Capture and Storage project across Wales and the South West of England.
Setting out his ambitions, Starmer said: “When companies are looking to invest in clean energy… when partners are looking to build new turbines, blades or cables… our message is simple: Build it in Britain. I am determined to seize this opportunity — to win our share of this trillion-dollar market… and secure the next generation of great jobs.”
In person:
Longview Networks Institutional Venture & Growth Forum | 24 September | London Stock Exchange
Starmer’s speech forms part of a two-day summit hosted by the UK government in partnership with the International Energy Agency, bringing together representatives from 60 countries. Alongside global political leaders, the summit also welcomes delegates from major energy, mining, and technology firms.
In a letter to prospective private investors released ahead of the event, the UK’s Energy Secretary, Ed Miliband, stated: “A key goal will be to crowd in private sector investment to deliver maximum impact. This significant fund demonstrates our commitment to supporting UK supply chains: it is intended to provide industry with the confidence to boost UK investment and will support thousands of additional jobs.”
Miliband added that the new fund would be integrated into GBE’s strategic operations, in collaboration with other government entities such as the National Wealth Fund. The government is also considering a Clean Industry Bonus, designed to reward investment in cleaner UK-based supply chains.
First proposed last year as part of wider reforms to the Contracts for Difference (CfD) scheme, the bonus would offer additional CfD revenue support to fixed and floating offshore wind developers that commit to greener supply chain practices.
A more contentious policy move is an amendment to the government’s planning and infrastructure bill, tabled earlier this week. The amendment proposes reducing the scope for public consultation ahead of major infrastructure developments. Environmental campaigners have criticised the plan, warning it could damage biodiversity and labelling it a “licence to kill nature.”
