RenewableUK welcomes Chancellor’s boost for offshore wind manufacturing and green hydrogen – but we need greater urgency

30 October 2024 - RenewableUK press release

Commenting on the Autumn Budget, in which the Chancellor Rachel Reeves confirmed £134 million of funding to re-develop ports as bases for floating offshore wind, and that eleven new green hydrogen projects will go ahead, RenewableUK’s Chief Executive Dan McGrail said:

“We welcome the Chancellor’s commitment to use the National Wealth Fund to transform ports around the UK into new industrial hubs for offshore wind manufacturing and assembly, building and supplying projects here as well as exporting our cutting-edge technology worldwide. We know that, with the right grants and incentives from the National Wealth Fund, the UK has the potential to secure hundreds of millions of pounds of investment in offshore wind alone, building the supply chain and creating jobs. Given fierce international competition, the sooner that process starts the better.

“Ultimately, with co-ordinated support between Government and industry, we believe the UK could triple the size of its offshore wind supply chain, boosting the economy by £25bn over the next decade.

“We’re also pleased to see support for eleven new green hydrogen projects which will provide vital flexibility and greater stability for our future energy system, as green hydrogen can be stored and used whenever it’s needed."

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Notes

For further information, contact

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

1. RenewableUK’s members are building our future energy system, powered by clean electricity. We bring them together to deliver that future faster; a future which is better for industry, billpayers, and the environment. We support over 490 member companies to ensure increasing amounts of renewable electricity are deployed across the UK and to access export markets all over the world. Our members are business leaders, technology innovators, and expert thinkers from right across industry.
   
   


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