UK unveils £1bn manufacturing war chest

Posted on 17 November 2023

UK unveils £1bn manufacturing war chest
Government says it will back home-grown offshore wind companies with new funding

The UK government has committed to offer a £960m funding pot to support clean energy manufacturing.

The cash, which will be eligible for offshore wind companies, is dubbed the Green Industries Growth Accelerator.

The government said it will support the expansion of home-grown supply chains, including in hydrogen, storage and nuclear.

Funding is part of PM Rishi Sunak’s pledge to grow the UK economy and a wider £4.5bn commitment to support British manufacturing in several other sectors. The government believes it will help unlock private investment.

Energy Security and Net Zero Secretary Claire Coutinho said: “Today we are announcing nearly £1bn to back our green industries.

“While we’ve already attracted £200 billion in low carbon investment since 2010, with another £100 billion expected by 2030, this will unlock even more. We have long been energy pioneers in advanced manufacturing, and this will allow us to carry on that great British tradition.”

Co-chair of the Offshore Wind Industry Council (OWIC) Richard Sandford welcomed the cash boost.

“The measures announced by the government today will help us to scale up the UK’s offshore wind supply chain faster in the face of unprecedented international competition for investment in new manufacturing facilities.

“This will not only enable us to supply projects in UK waters but also to export our world-class offshore wind products and services globally, where they are already in great demand.

“OWIC is already working with RenewableUK and the wider sector to develop an Industrial Growth Plan to identify which parts of the supply chain we should focus on, with an emphasis on areas where we already have a strong competitive advantage.

"The government’s commitment to a Green Industries Growth Accelerator can help us to ensure that the UK retains its position as a global leader in cutting-edge offshore wind technology.”



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