The UK government has committed to publishing its Industrial Strategy by the end of this month.
London said in the Spending Review presented by chancellor Rachel Reeves to parliament earlier today (11 June) that the document, which will set out how growth can be accelerated in eight industrial sectors including clean energy, will be made public “later in June”.
Elsewhere, Reeves confirmed that the new Great British Energy company will be handed a war chest of £8.3bn to spend on clean energy by the end of the decade, including the £300m funding announced in late April for investment in domestic supply chains for offshore wind.
Port Talbot in south Wales also received a mention via confirmation it will receive £80m from the government’s FLOWMIS scheme to expand facilities to support floating wind deployment.
The Spending Review also contained several large investments in the nuclear sector including £14.2bn to build the new Sizewell C power station in Suffolk and £2.5bn to enable the small modular reactor programme.
Nearly £10bn has also been allocated to carbon capture and storage. However, there was limited new information for the renewables industry.
RenewableUK executive director of policy Ana Musat said: “We welcome the chancellor’s confirmation that Great British Energy will support the development of the UK’s offshore wind supply chain with £300m of grant funding to attract private investment. This will help secure manufacturing facilities in coastal communities around the country, both for fixed-bottom offshore wind farms in which the UK has led the world, and innovative technologies such as floating offshore wind.
“The development of new port facilities will be crucial to enable this, so today’s confirmation of £80m investment in Port Talbot is particularly timely.”
Hitachi Energy UK and Ireland MD Laura Fleming added: “This Spending Review sends a clear message – the government is doubling down on its commitment to achieve clean power by 2030. I am grateful that the chancellor seems to recognise the enormous growth opportunity of clean energy and investing in the grid.”