The government’s flagship renewable energy scheme, Contracts for Difference (CfD) is set to receive a significant boost of £22 million.
The funding will support established technologies such as solar and offshore wind.
Energy Security Secretary Grant Shapps emphasised the importance of this funding, stating that it will attract more investors to the renewable energy sector, create skilled jobs for future generations, and help power more of Britain using domestic resources.
As part of the ongoing efforts to promote renewable energy, Deputy Prime Minister Oliver Dowden visited the Able Seaton Port to announce the installation of the first of over two hundred wind turbines at the Dogger Bank offshore wind farm.
Once completed, this wind farm will become the world’s largest offshore wind farm, capable of powering up to six million homes annually.
The Association for Renewable Energy and Clean Technology (REA) has welcomed the additional funding to the CfD scheme but urges the government to address barriers for meeting net zero targets.
Mark Sommerfeld, Deputy Director of Policy at the REA, said: “The additional £ 20 million for established technologies and an extra £2 million for emerging technologies will help provide confidence to successful projects in this upcoming CfD allocation round that they will be able to build out, even in the face of the current difficult economic climate.”