Britain Commits Billions to Green Growth
At least its a start.
S&L, I quess Britain must be blinded by alternative energy just like me. :D
Britain commits billions to green growth
LONDON | Wed Oct 20, 2010 2:20pm EDT
(Reuters) - Britain will commit around 3 billion pounds ($4.72 billion) to fund low-carbon technology as part of a review chiefly aimed at cutting its budget deficit, the government said on Wednesday.
As part of the review, the government said it would cut half a million public sector jobs, raise the retirement age and slash the welfare state in the biggest spending cuts in a generation.
"Like the rest of the public sector we have taken some tough decisions, but we remain on course to deliver on our promise to be the greenest government ever," Energy and Climate Change Secretary Chris Huhne said.
The Conservative finance minister George Osborne pledged 1 billion pounds for investment in a commercial-scale carbon capture and storage (CCS) demonstration plant at a power station as part of a UK goal to become a world clean technology leader.
The government said it was still committed to funding four plants in total.
Utility company E.ON said earlier on Wednesday that it had withdrawn from the government's CCS demonstration competition, leaving Iberdrola's Scottish Power plant at Longannet as the only remaining contender.
Osborne said the government would set aside another 1 billion pounds for its Green Investment Bank (GIB) and 860 million pounds for its renewable heat incentive, which pays homes and businesses for using renewable heat, such as ground source heat pumps.
It would devote 200 million pounds mostly to the development of offshore wind power projects.
"I have set aside 1 billion pounds of funding for the bank but I hope much more will be raised from the private sector and from the proceeds of future government asset sales."
Deputy Prime Minister Nick Clegg said earlier on Wednesday in a letter to Liberal Democrat members that the GIB would be funded with at least 2 billion pounds but the government was originally aiming for funding of around 6 billion pounds.
"One billion pounds for the green bank was more than some feared but it still about a quarter of what's needed to have a big impact on green energy and growth," said Steve Lang, head of clean energy at Ernst & Young.
The government plans to introduce the renewable heat incentive in 2011-2012, but not in the form of the previous Labour Government's renewable heat levy, which the coalition said was too complex.
It should increase UK renewable heat production 10-fold over the next 10 years, the government said.