March 7, 2019 / News

UK government announces wind power deal

By Joe McGrath, ESG Clarity

The UK is earmarking significant investment in wind power, targeting 33% of the country's electricity from the renewable source by 2030

UK government announces wind power deal

The UK government has made a new commitment for a third of British electricity to be generated by offshore wind power by 2030, as part of the country’s transition to a low carbon economy.

A new Offshore Wind Growth Partnership will be formed to develop the UK supply chain, with the industry forecast to invest £250 million in the project. The government has earmarked land from the Crown Estate and Crown Estate Scotland for new offshore wind developments, beginning this year.

This latest announcement comes amid increasing numbers of fund launches for renewable energy strategies from asset managers. Last year, at the UN Sustainable Development Forum, fund managers underscored the profit potential in renewables in a co-ordinated statement by the Association of Investment Companies.

On Thursday (7 March), the UK’s energy and clean growth minister, Claire Perry, said the latest push by the British government would act as a catalyst to the country’s wind power sector.

She said: “This new Sector Deal will drive a surge in the clean, green offshore wind revolution that is powering homes and businesses across the UK, bringing investment into coastal communities and ensuring we maintain our position as global leaders in this growing sector.

“By 2030 a third of our electricity will come from offshore wind, generating thousands of high-quality jobs across the UK, a strong UK supply chain and a fivefold increase in exports. This is our modern industrial strategy in action.”

The deal has also challenged the industry to entice greater numbers of female employees into the sector, specifying a workforce that is at least 33% female by 2030, up from the current 16%.