The Labour government is set to boost the clean energy industry in the UK with record funding of £1.5bn for summer subsidy auctions, a 50% increase from last year. This move aims to reignite investment and create high-quality jobs while protecting household bills from rising fossil fuel prices.
Energy Secretary Ed Miliband highlighted the importance of transitioning to clean energy sources to promote energy independence and sustainability. Offshore wind projects stand to benefit the most from the increased budget, potentially powering almost 5 million homes. Onshore wind, solar, and emerging clean energy technologies will also receive funding to drive progress towards clean energy targets.
The government’s commitment to renewable energy comes after a record-breaking year in 2023, where renewables provided 46.4% of the UK’s electricity. Wind power emerged as a significant contributor, reinforcing the need for continued investment in clean energy infrastructure to secure a sustainable energy future.