Home > Latest News > Business News > RenewableUK welcomes Chancellor’s boost for offshore wind manufacturing and green hydrogen – but we need greater urgency
Wendy
11/1/2024 10:26:35 AM
2 mins read
“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”.
Details on the sector’s Industrial Growth Plan for offshore wind are available here.
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