United Kingdom releases Clean Growth Strategy, plans next CfD auction

United Kingdom releases Clean Growth Strategy, plans next CfD auction

United Kingdom releases Clean Growth Strategy, plans next CfD auction

"The importance of positive government messaging on the low carbon agenda for investment confidence is often overlooked and today's clear cross-government commitment to deliver on the UK's climate targets will be welcomed by businesses", said Nick Molho, executive director of the Aldersgate Group.

The UK government will invest up to £100 million ($132 million) in carbon capture, usage and storage (CCUS) technology and industrial innovation as part of its Clean Growth Strategy, published on Thursday. The world is moving from being powered by polluting fossil fuels to clean energy.

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Alex Wild, research director at the TaxPayer's Alliance, argued against minister for climate change Claire Perry's statement that the government was considering reducing stamp duty to act as an incentive for people to make their homes more energy efficient.

Scottish Secretary David Mundell said: "This UK government investment is vital in realising the potential of less established renewable technologies, as well as providing Scottish jobs in the projects supported". "By focusing on Clean Growth, we can cut the cost of energy, drive economic prosperity, create high value jobs and improve our quality of life".

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The £2.5 billion of existing government spending includes up to £505 million from the BEIS's Energy Innovation Program, which aims to accelerate the commercialization of innovative clean energy technologies and progresses.

Less established renewable energy projects will include offshore wind, biomass, energy-from-waste technologies and combined heat and power projects. "Last month we saw a record 50% drop in the cost of offshore wind".

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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. "Onshore wind is the cheapest form of new power generation, and it would be exciting to see what projects in the right places could deliver for United Kingdom consumers".

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