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Environment and energy – Spending Review

  • Published: Thursday, 21 October 2010

A number of announcements were made in the Spending Review to do with renewable energy, climate change and creating a green economy.

Green Investment Bank

The government has confirmed £1 billion of funding for a UK-wide Green Investment Bank. Further money for the bank will come from private companies and the sale of government-owned assets.

The bank will provide incentives for investment in low-carbon projects, for example offshore wind farms.

Climate change and renewable energies

The government has restated its commitment to a 34 per cent reduction in greenhouse gas emissions by 2020. 15 per cent of energy is to come from renewable sources by the same date.

To meet these targets, the government has announced that:

  • up to £1 billion of funding will be invested in one of the world’s first commercial-scale carbon capture projects
  • £200 million will be used for the development of low-carbon technologies, including offshore wind technology
  • you will be able to get up to £5,000 towards the cost of new ultra-low emission vehicles from January 2011
  • the Renewable Heat Incentive scheme will be introduced in 2011 to encourage investment in renewable heat measures
  • it will provide £2.9 billion to support low-carbon growth and adaptation to climate change in developing countries

Green Deal

The Green Deal is a scheme to help improve the energy efficiency of households and businesses at no upfront cost, allowing the government to phase out the Warm Front Programme.

Flood defences and coastal erosion

The government will continue to invest in flood and coastal erosion protection, spending £2 billion over the Spending Review period to better protect homes.

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