UK outlines plans for low-carbon energy projects

26 April 2012 (Last Updated April 26th, 2012 18:30)

UK Prime Minister David Cameron outlined plans to take renewable and clean energy into commercialisation at the Clean Energy Ministerial, a global forum hosted by the UK.

UK Prime Minister David Cameron outlined plans to take renewable and clean energy into commercialisation at the Clean Energy Ministerial, a global forum hosted by the UK.

Commenting on Cameron's speech, Grant Thornton's head of energy, environment and sustainability Nathan Goode said: "The renewables sector has experienced some turbulence in policy support over the last few months. However, today, we see the government recognises the importance of this sector and I hope that this pledge of support will be seen as a turning point in producing a successful and effective clean energy industry in the UK."

The Prime Minister said that clean energy projects brought in £4.7bn of investment to the UK in the last year, suporting 15,000 jobs.

Cameron noted that the UK has cut subsidies for solar power to avoid driving up electricity costs, while also raising targets for offshore wind installations.

The UK offered £60m to help develop carbon capture and storage projects in emerging markets in addition to its partnership with the US to develop floating wind turbines, reports Bloomberg.

A report prepared by Grant Thornton found that organisations are globally looking to clean technologies not simply for corporate social responsibility reasons, but to save money and increase profitability.

At the Clean Energy Ministerial, the UK government also announced a series of contracts worth £350m for companies including utility E.ON.