PM arrives at COP29 to boost UK clean energy growth

Prime Minister arrives at COP29 with significant boost to industry investment in clean supply chains. British manufacturing is set to win with a blade factory in Hull and benefit from a billion-dollar offshore wind deal. The UK is stepping up clean energy investment to strengthen energy security, protect consumers and create good jobs. The UK will announce new UK climate targets at the summit to reduce emissions and demonstrate climate leadership.

The UK will lead the world in a growth-friendly clean energy transition, the Prime Minister announced on the first day of the World Leaders' Summit at COP.

At the COP29 summit in Baku, Azerbaijan, the Prime Minister announced another major step forward in the Government's mission to make the UK a clean energy superpower.

Offshore wind developers will be incentivized to invest in the UK's historic industrial centres, coastal areas and oil and gas communities to increase green jobs and support sustainable factories.

To deliver on the Government's manifesto commitments, the Clean Industries Bonus will provisionally provide 27 million per gigawatt of offshore wind projects. This means that if 7 to 8 GW of offshore wind power is applied, the budget can increase up to 200 million m.

The UK is wasting no time in accelerating the global transition to clean energy and putting the UK at the forefront of the industries of the future. This bonus will reward companies that invest in less polluting suppliers to tackle the climate crisis at home and abroad, while creating the conditions for clean energy industries to thrive in the UK and elsewhere.

This will focus private investment in hard-working communities across Scotland, Wales, the North East and North West to build more sustainable offshore wind blades, cables and ports, reducing industrial emissions and supporting the rollout of clean, safe and affordable wind power. This will help you. Power for your family.

Thousands of highly skilled jobs, such as engineers, electricians or welders, across the supply chain will create vibrant cities and towns fit for a clean energy future.

Prime Minister Keir Starmer said:

Our mission to make the UK a clean energy superpower will ignite our industrial heartlands and break down barriers to growth for our hard-working towns and cities.

This will strengthen our national security to protect our children and grandchildren from the climate crisis, which will impact their future prosperity.

By acting decisively and early, the UK has the opportunity to lead the world in the industries of the future, working with businesses to create real energy security, reduce energy bills and build jobs and supply chains.

But we cannot move alone. I will lead efforts to protect the UK from climate change by accelerating the global clean transition, working with other countries at COP to tackle the causes at the root.

The government pledges to accelerate towards net zero to tackle the climate crisis and improve the lives of the British people, primarily by investing in clean domestic power generation to end the country's exposure to fossil fuel markets and the dictators who control them. I did it.

Rapid action has already been taken to reduce emissions through government clean power by 2030. Here are the steps taken so far:

Lifting the ban on onshore wind power in the UK.

Renewable energy auctions deliver a record number of clean energy projects.

An unprecedented 2GW of nationally significant solar has been agreed, more than in the past 14 years combined.

Great British Energy launched

Funding for two clusters on Teesside and Merseyside has been agreed, giving the UK's carbon capture and storage industry a kick-start.

To further strengthen UK manufacturing, ScottishPower has signed a $1 billion turbine contract for the East Anglia TWO offshore wind farm with Siemens Gamesa, including blade production at its Hull blade plant.

This major contract will inject growth into the industrial hub, with Siemens Gamesa employing more than 1,300 people in Humberside through extensive recruitment, while ScottishPowers' investment in East Anglia will support thousands more. The East Anglia TWO wind farm alone will produce enough clean energy to provide equivalent power. Of nearly 1 million households.

The cash injection shows that money is already flowing from a commitment made last month at the International Investment Summit, where Iberdrola doubled its investment in the UK through Scottish Power from 12 billion to 24 billion over the next four years.

This includes funding for two East Anglia wind farms on the Suffolk coast. This was lifted following the government's increased allocation in the most recent renewable energy auction round.

Keith Anderson, CEO of ScottishPower, said:

Today is tangible evidence of the importance of the East Anglia project to the UK Clean Power Mission, delivering UK jobs, UK supply chain contracts and UK green energy.

Bringing more projects like the East Anglia TWO forward faster will turbocharge the UK's supply chain and give companies like Siemens Gamesa the confidence to invest in facilities like this blade factory in Hull.

The UK's clean power targets are achievable but challenging. We have doubled our investment and stand ready to play our part with the government in removing barriers to building more projects like this, along with the electricity networks needed to transport green, home-grown power across the country. .

Darren Davidson, Vice President, UK and Ireland, Siemens Energy and Siemens Gamesa, said:

The UK is the first leading industrial country to phase out coal power and become a leader in offshore wind.

This momentum is mission critical if we are to achieve the net zero goal. As well as providing blades that fuel the UK's energy transition, our factory in Hull is acting as a catalyst for economic growth and green jobs across the region.

At COP29, the UK will look to other countries to demonstrate strong leadership at home and encourage action abroad.

The Prime Minister is expected to present a case in support of global transition through this visit. In speeches to other countries, he will argue that the world's economy depends on nature and a stable climate that is under threat.

The 2022 UK heat wave saw temperatures in the UK hit a record 40C and caused 3000 excess deaths. These events are estimated to be 10 times more likely to occur due to climate change.

Climate finance at scale is critical to avoiding the worst consequences of climate change, but the UK is clear that public finance alone cannot meet the growing needs of developing countries and that innovation is essential to harness billions of dollars in private finance.

That is why the UK will use the summit to announce the launch of the new CIF capital markets mechanism on the London Stock Exchange.

This world-leading, innovative new financing mechanism has the potential to mobilize up to $75 billion in additional climate capital for developing countries over the next decade.

A London listing demonstrates confidence in our economy and demonstrates the city as the green finance capital and the UK as an attractive place to invest in the future.

This will help developing countries reduce emissions, build renewable energy and adapt to a rapidly changing climate at no additional cost to UK taxpayers.

This mechanism demonstrates the UK’s willingness to work with other like-minded countries and partners such as the World Bank to mobilize the finance needed to drive the global clean energy transition.

This will also support the UK Government's priorities for COP29. The Global Clean Power Alliance unveils new emissions reduction targets for the UK, secures ambitious new global climate targets (NCQGs) and demonstrates the potential to unlock billions more in climate finance for clean energy. Alliance). A project for the next 10 years.

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