'Green’ bank, funding growth of renewable technologies.

  • Government commended for taking on board industry concerns
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  • ‘Green’ bank must be catalyst, not niche lender

RenewableUK, the country’s leading renewable energy association, commended two key green industry measures in today’s Budget: money for ports which service the UK’s burgeoning offshore sector and the founding of a ‘Green’ bank, funding growth of renewable technologies.

The £60 million pledged for ‘development of port sites to support offshore wind turbine manufacturers’ has long been advocated by RenewableUK. It is expected to help put the UK on the map as a base for rolling out offshore wind developments in the North and Irish Seas, and offer alternatives to more established port facilities on the Continent.

Dr. Gordon Edge, RenewableUK Director of Economics and Markets, said:

“RenewableUK has maintained that investment in ports at this stage will reap significant rewards in the future. We are pleased that the Government has taken this on board. This investment will enable the UK to compete with established ports in Europe involved in offshore wind farm deployment. It is smart money well pledged, as it will create a significant number of jobs by 2020 and help British businesses benefit from Round 3.”

Edge furthered commented on the plans to form a ‘Green’ bank by saying that there is a lot of industry and environmental sector support for the idea.

“It is important, however, that any ‘Green’ bank is seen as a catalyst for wider investment. We need to attract substantial capital into the sector, from a wide base of potential lenders and investors. This bank needs to be one piece of the funding package, without taking away responsibility from other finance institutions.”

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