The British Government Announces £100 million Fund for Green Investment
It was recently announced that the British Government is boosting Great Britain’s renewable energy sector, as illustrated in its Plan for Growth, published within the Budget of 2011. It is hoped that this large investment will be another step towards making the United Kingdom the best place in Europe to start and grow a business.
The announcement was part of the deputy prime minister’s speech opening the government’s British Business Embassy on Energy which took place on the 7th of August 2012. A government contract by UK Green Investments, who are based at the Department for Business, Innovation and Skills, will provide £100 million of initial funding to investment companies such Equitix and Sustainable Development Capital LLP, both Non-Domestic Energy Efficiency fund managers.
As well as this Closed Loop Recycling, the world’s first food-grade plastic bottle recycling plant to handle both PET and HDPE bottles, announced £12 million expansion plans. This will double the current capacity of its Dagenham plant and create the most advanced plastics purification facility in the whole of the United Kingdom. The measures are expected to create and safeguard an estimated hundred jobs.
Furthermore, Power Electronics which is a multinational Spanish company with expertise in industrial automation and solar technology has announced that it is opening a headquarters based in the United Kingdom this September, creating four more jobs in Reading. As a result of this increasing focus on British energy infrastructure, it is hoped that renewable energy will deliver up to forty five per cent of Britain’s energy by 2030 ensuring that the country will become less reliant on non-renewable energy sources.
The United Kingdom is not new to the renewable energy game as we already export around $30 billion worth of energy-related goods and services each year, a growing proportion of which is in the low carbon sector. Nevertheless this recent announcement regarding large investment in the green sector is brilliant news which shows Great Britain is certainly taking a step in the right direction towards a greener future.