Government Doubles Net Zero Renewables Budget

Published on July 31, 2024

The government has announced it doubling its net zero renewables budget to a record £1.5 billion, its largest-ever investment. On Wednesday, Energy Secretary Ed Miliband announced that the renewable energy auction budget will be increased to £1.5 billion, up by £500 million from last year. The costs will come out of energy bills and not general taxation. The government said that funding is necessary as it “will accelerate the delivery of clean, cheap, low-carbon electricity to families and businesses, generated by renewable energy technologies such as wind turbines and solar panels.” It added that this “includes £1.1 billion for offshore wind—the backbone of the UK’s clean energy mission—which has more budget available than all of the previous auctions combined, sending a strong signal to industry to invest in UK waters.”...

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