UK Boosting Budget for Renewables to Record £1.5 Billion
- Government aims to speed renewable build-out to green the grid
- Funds come from billpayers, not from government budget
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The UK is set to increase support for new renewable power generation to a record £1.5 billion ($1.9 billion) in an upcoming auction, sending a clear signal to an industry that’s key to the government’s green plans.
The almost 50% financial boost for the technology comes as the new administration tries to speed the development of renewable power to help reach its goal of a zero-carbon grid by 2030. The higher budget this year is seen as crucial by the industry to help it get started quickly on projects that can take years to build.