The British government announced Thursday up to 24 billion pounds (43 billion Canadian dollars) of private investment in low-carbon energy, four days before an “investment summit” where it expects other commitments of this type, while its popularity is at half mast.
Prime Minister Keir Starmer sees this announcement as “a huge vote of confidence” in the government and its “unwavering desire to stimulate growth” in the country.
This figure notably includes a new investment of 12 billion euros (18 billion Canadian dollars) from the Spanish giant Iberdrola, bringing the company’s contribution to the country to 24 billion over the next four years, if we take take into account the amounts already announced.
Besides Iberdrola, the 24 billion essentially include two other commitments, in offshore wind power: one of 8 billion from the Dane Orsted, the other of 2.5 billion from the company Greenvolt.
These investments – which include other less important initiatives – notably follow the approval in September by the government of several renewable energy projects after a call for tenders, the amounts of which had not been revealed.
The Labor government’s announcement comes four days before an “international investment summit” on Monday, which Keir Starmer intends to make “a springboard” for the United Kingdom, while its popularity has fallen.
The Prime Minister as well as Finance Minister Rachel Reeves are due to speak at this meeting, where no CEO or manager of international stature has yet been announced.
In July, the government launched its major green energy plan, which should lead to the creation of a new public company, Great British Energy.
Endowed with 8.3 billion pounds (nearly 15 billion Canadian dollars) of public money over five years, it will be responsible for investing in floating wind turbines, tidal and even nuclear energy.
As soon as it came to power, the government lifted what it considered to be a “de facto ban” on the construction of new onshore wind farms in England, where opposition from a few local residents could block the projects.
London also announced last week a public investment of nearly 22 billion pounds (39.5 billion Canadian dollars) over 25 years to develop carbon capture and storage centers in the country.