{"id":31607,"date":"2023-08-06T14:34:12","date_gmt":"2023-08-06T14:34:12","guid":{"rendered":"https:\/\/350ppm.co.uk\/?p=31607"},"modified":"2023-08-06T14:34:12","modified_gmt":"2023-08-06T14:34:12","slug":"energy-security-boost-with-multi-million-backing-for-renewables","status":"publish","type":"post","link":"https:\/\/350ppm.co.uk\/blog\/energy-security-boost-with-multi-million-backing-for-renewables\/","title":{"rendered":"Energy security boost with multi-million backing for renewables"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Energy Security Secretary Grant Shapps announces \u00a322 million uplift for flagship scheme.<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00a322 million boost for government\u2019s flagship renewables scheme, making available contracts for renewable power generation potentially worth billions of pounds in total over the scheme\u2019s lifetime<\/li><li>funding for established technologies such as solar and offshore wind, some of the cheapest domestic energy sources available, will ensure Britain remains a global leader in renewable energy<\/li><li>the Contracts for Difference (CfD) scheme plays a key role in boosting the UK\u2019s energy security, growing our economy and powering more of Britain from Britain<\/li><\/ul>\n\n\n\n<p>A multi-million-pound boost for cleaner, more secure energy will make Britain the \u2018first choice\u2019 for investors, Grant Shapps said today.<\/p>\n\n\n\n<p>The Energy Security Secretary today announced a \u00a322 million increase in government backing for renewables through the flagship Contracts for Difference scheme \u2013 taking the total budget to \u00a3227 million for this auction.<\/p>\n\n\n\n<p>The scheme \u2013 launched in 2014 \u2013 is the government\u2019s main system for supporting low-carbon electricity generation and has already led to an increase in the proportion of the UK\u2019s energy coming from renewables.<\/p>\n\n\n\n<p>In 2022, renewables fuelled around 42% of the UK\u2019s electricity generation \u2013 up from 7% in 2010 &#8211; compared to around 21% in the US and 23% in Japan.<\/p>\n\n\n\n<p>In the first quarter of 2023, renewables generated a record 48% of our electricity, all making strong progress towards our targets to deliver a decarbonised power sector by 2035 and net zero by 2050.<\/p>\n\n\n\n<p>The increased funding combined with the introduction of annual auctions this year, will boost investments in Britain\u2019s world-leading renewable industry, while strengthening the UK\u2019s energy security, fostering growth in the country\u2019s green industries and reducing exposure to volatile global gas prices.<\/p>\n\n\n\n<p>Energy Security Secretary Grant Shapps said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Putin\u2019s barbaric action against Ukraine made clear our need to do whatever it takes to bolster our energy security.<\/p><p>Today\u2019s funding through our flagship Contracts for Difference scheme \u2013 the lifeblood of our renewables industry for nearly a decade \u2013 will help grow our economy by making Britain the first choice for investors in renewable energy projects and secure skilled jobs for future generations.<\/p><p>This will be the case for established technologies like solar, and new innovations like floating offshore wind and, alongside our backing for oil and gas, carbon capture and our revival in nuclear, will ensure we can help power more of Britain from Britain for decades to come.<\/p><\/blockquote>\n\n\n\n<p>Today\u2019s new funding for the current round (AR5) will mean:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>an increased budget for established technologies such as solar and offshore wind \u2013 from \u00a3170 million to \u00a3190 million<\/li><li>an increase in the budget for emerging technologies such as floating offshore wind \u2013 up from \u00a335 million to \u00a337 million<\/li><li>maintaining \u00a310 million ring-fenced budget for tidal stream projects<\/li><\/ul>\n\n\n\n<p>This funding boost is expected to send a powerful signal to the industry, increasing developer confidence in the sector every year and enhancing the UK\u2019s reputation as among the most attractive places to invest and grow the economy, with nearly 25,000 jobs directly supported by renewable electricity sectors in 2021.<\/p>\n\n\n\n<p>Read the complete report by clicking below:<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-25\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/www.gov.uk\/government\/news\/energy-security-boost-with-multi-million-backing-for-renewables\" style=\"border-radius:8px;background-color:#106b22\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Complete Report on gov.uk<\/strong><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Energy Security Secretary Grant Shapps announces \u00a322 million uplift for flagship scheme. \u00a322 million boost for government\u2019s flagship renewables scheme, making available contracts for renewable power generation potentially worth billions of pounds in total over the scheme\u2019s lifetime funding for established technologies such as solar and offshore wind, some of the cheapest domestic energy sources [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31584,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[55,241,247,242,126,59,60,49,65],"class_list":["post-31607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-350-ppm-ltd","tag-desnz","tag-grant-shapps","tag-net-zero","tag-net-zero-emissions","tag-renewable-energy","tag-renewable-money-blog","tag-renewables","tag-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Energy security boost with multi-million backing for renewables<\/title>\n<meta name=\"description\" content=\"The Energy Security Secretary today announced a \u00a322 million increase in government backing for renewables through the flagship Contracts\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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