UK government secures £24B in green energy investments, creating 1000s of jobs nationwide

( Source and Courtesy 10 Downing Street Press Office)

In a significant boost to the UK’s clean energy sector, the government has announced the securing of £24 billion in private investments ahead of the International Investment Summit, which is set to take place on October 14th. This landmark achievement is expected to create thousands of jobs in green industries across the UK, showcasing the country's growing leadership in renewable energy and its commitment to reaching Net Zero targets.

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The investments will bolster the UK’s clean energy infrastructure from Yorkshire to Suffolk and Aberdeen to Teesside, representing a substantial vote of confidence in the UK economy and the government’s growth mission.

Prime Minister Keir Starmer speaking ahead of his meeting with the Council of Nations and Regions in Scotland, said the investments are a “huge vote of confidence in this government and our relentless focus to drive growth across the UK.”

Leading companies drive clean energy expansion

Several global energy companies have stepped forward with significant commitments to support the UK's green energy ambitions. Among them, Iberdrola, one of Europe’s largest energy companies, has doubled its investment in the UK, committing to £24 billion over the next four years. The company’s investments will focus on expanding wind farm projects, particularly the East Anglia 2 offshore wind farm, which will benefit from the government’s recent renewable energy auction.

Iberdrola’s Executive Chairman, Ignacio Galan, emphasised the stability and attractiveness of the UK’s energy policies “After having invested more than £30 billion in the last 15 years, the clear policy direction, stable regulatory frameworks, and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24 billion. This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero.”

(Source: The Times of Israel)

Meanwhile, Orsted, a prominent figure in the renewable energy sector known for its innovative projects, has recently unveiled plans for an impressive £8 billion investment in offshore wind projects. This substantial financial commitment is set to not only bolster the company's position in the market but also contribute significantly to the renewable energy landscape. The investment is anticipated to create a ripple effect, generating a multitude of job opportunities within the local communities where these projects are to be implemented. This move by Orsted underscores the company's dedication to sustainability and its proactive approach towards combating climate change.

In a similar vein, Greenvolt, a distinguished Portuguese firm with a strong track record in renewable energy initiatives, has also made a significant stride by allocating £2.5 billion towards wind farm projects. This strategic investment not only highlights Greenvolt's commitment to expanding its presence in the UK market but also showcases the company's belief in the potential of offshore wind energy. By injecting such a substantial sum into these projects, Greenvolt is not only contributing to the growth of the renewable energy sector but is also reinforcing the UK's reputation as a key player in the global transition towards cleaner energy sources.

Overall, the combined efforts of Orsted and Greenvolt in investing billions in offshore wind projects underscore the promising future of renewable energy in the UK. These initiatives not only signify a significant step towards achieving sustainability goals but also pave the way for economic growth and job creation in the region. The commitment of these industry giants further solidifies the UK's standing as a frontrunner in the renewable energy sector, setting a positive example for other countries to follow suit in the global fight against climate change.

SeAH wind and other key investments

SeAH Wind UK, a South Korean wind technology manufacturing company, has also confirmed a £225 million expansion of its investment in Teesside. This investment, which includes the construction of a state-of-the-art wind technology manufacturing facility, is expected to create 750 direct jobs by 2027. The new factory will be one of the largest of its kind globally and will position the UK as a critical player in the global supply chain for wind energy technology.

Chris Sohn, the Chief Executive of SeAH Wind, highlighted the importance of government support in advancing the project “With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.”

(Source: The Times of Israel)

Other major investments announced include:

Macquarie Group – £1.3 billion into new green infrastructure projects, including solar farms and electric vehicle charging stations across the UK.

BW Group – £300 million into a battery energy storage project in Birmingham, supporting the UK's transition to renewable energy by enhancing its energy storage capacity.

Holtec – £325 million investment in a new nuclear materials factory in South Yorkshire, which will create over 1,200 direct jobs and provide materials for future nuclear power stations​.

(Source: The Times of Israel)

Government's commitment to clean energy

These investments are the latest in a series of bold moves by the UK government to fast-track its clean energy ambitions. In just the past 100 days, the government has overturned a nine-year ban on onshore wind in just 72 hours, approved more solar energy projects than ever before, and secured the most successful renewable energy auction round in history. Additionally, the recent launch of Great British Energy has further demonstrated the government’s commitment to creating a greener and more sustainable energy future for the UK.

Prime Minister Keir Starmer, addressing the upcoming International Investment Summit, said “Whether you’re in Scotland, Wales, Northern Ireland, or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment. Investment and growth are at the heart of his government’s agenda​.”

(Source: The Independent)

First council of nations and regions

The announcement of these major investments coincides with the Prime Minister's convening of the first-ever Council of Nations and Regions meeting in Scotland. This meeting marks a new era of collaboration between the devolved governments and regional mayors, all focused on driving economic growth and securing long-term investment across the UK. The council will discuss how best to boost inward investment and growth, particularly in the context of the UK's green energy transition.

Future growth in renewable energy

The investments announced today are part of a broader strategy to make the UK a global leader in renewable energy. The clean energy sector is expected to continue growing as more companies invest in wind, solar, nuclear, and battery storage projects. The government’s long-term goal is to make the UK energy-independent while reducing carbon emissions and creating thousands of new green jobs.

Mads Nipper, CEO of Orsted, expressed confidence in the UK’s future as a hub for clean energy “The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.”

(Source:  The Independent)

With these commitments, the UK is well on its way to solidifying its position as a global leader in the fight against climate change, while driving economic growth and job creation. As the International Investment Summit approaches, the government is optimistic that even more investments will follow, further accelerating the UK’s green energy transition and setting a strong foundation for a sustainable future.