Renewable energy industry welcomes Treasury’s new measures to boost UK clean tech manufacturing

17 November 2023 - RenewableUK press release

Commenting on the Treasury’s announcement this evening that it will provide £960 million for a Green Industries Growth Accelerator to support clean energy manufacturing in the UK, RenewableUK’s Chief Executive Dan McGrail said:

“At a time when international competition for investment in clean technology manufacturing is fierce, the Chancellor is right to take a more proactive approach to stimulate green industrial growth. The UK's leadership in areas like offshore wind has given us a strong foundation to build on, with supply chain companies already in place across the country employing thousands of workers. But with the global market set to skyrocket in the years ahead, we should be looking to capture as much of this multi-billion pound opportunity as we can through a more strategic approach to building the UK’s manufacturing base.

"The Chancellor has been clear that the Green Industries Growth Accelerator is for strategic industries, targeted to unlock maximum private investment where the UK can be competitive – and there couldn’t be a better fit for that than offshore wind and renewables. With the right support, the likes of which we’ve seen from Government today, industry estimates that the offshore wind supply chain alone could boost the UK's economy by £92bn by 2040. The sector is working to develop an Industrial Growth Plan which will set out how we can capture this opportunity to boost our energy security, grow our domestic supply chain and provide affordable power to consumers".

More on the Treasury’s announcement is available here.

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Notes

For further information, contact

Robert Norris, Head of Communications
07969 229 913 Robert.Norris@RenewableUK.com

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