Parliamentary Search

Written question asked by Lord Taylor of Warwick (Non-affiliated) on Tuesday, 11 February 2025, in the House of Lords. It was due for an answer on Tuesday, 25 February 2025. It was answered by Lord Hunt of Kings Heath (Labour) on Tuesday, 25 February 2025 on behalf of the Department for Energy Security and Net Zero.

Environment Protection: Technology

Question

To ask His Majesty's Government what steps they are taking to encourage firms to invest in green technologies, particularly investment in renewable energy.

Answer

GBE will develop, own and operate assets, investing in partnership with the private sector. It will have a capitalisation of £8.3 billion of new money over the Parliament. This is in addition to the work of the National Wealth Fund (NWF), which is central to this Government’s mission to deliver growth and a greener economy. Capitalised with an additional £7.3 billion, the NWF will make transformative investments across every part of the country - mobilising billions of pounds worth of additional private sector investment.

We will continue to support new renewable deployment through our flagship Contracts for Difference scheme, with Allocation Round 7 due to take place this year. In addition, on 12 November, the government launched the Contracts for Difference (CfD) Clean Industry Bonus (CIB). Fixed and floating offshore wind applicants can obtain extra CfD revenue support if they choose to invest in more sustainable supply chains.

The CIB allocation framework sets out how to apply for a Clean Industry Bonus, and how funding will be allocated. The CIB guidance sets out the process for receiving CIB payments, and other matters related to the delivery of CIB commitments. The CIB application window opened 12 February and will close in April 2025.

Secondary information

Type
Written question
Reference
HL4964
Session
2024-26
Subjects
Environment protection Investment Technology
Link
View this Written question on www.parliament.uk