The UK Treasury‘s Spring Budget allocated an additional £120 million for the Green Industries Growth Accelerator (GIGA), bringing the total investment to nearly £1.1 billion.
The objective is to stimulate private investment in clean energy supply chains, especially in the offshore wind sector.
RenewableUK supports the move and emphasises the need for further measures to expedite the transition to renewable energy.
RenewableUK advocates for investment in port infrastructure and setting ambitious parameters for clean energy auctions.
The association also calls for tax relief for investors and increased funding for research and development in renewable technologies.
RenewableUK’s Chief Executive Dan McGrail said: “Overall, the four key steps that we have set out would enable the UK to secure billions of extra private investment and create tens of thousands of highly-skilled jobs all around the country – especially in coastal communities where we can build up new industries like floating wind.
“Worldwide demand for the high-tech components and services needed to build new projects is ratcheting up, so there’s never been a better time for the Chancellor to make Britain the best destination for international investment in renewables.”
