ESG Today writes that the funding will be made available through the Green Industries Growth Accelerator, with the main investment areas being green energy, such as offshore wind and nuclear power, as well as resilient energy grids and hydrogen production hubs.
Between 2025 and 2030, UK officials will also invest two billion GBP in the manufacturing of zero-emission vehicles across the country.
Energy Security Secretary Claire Coutinho also revealed another set of reforms aimed at strengthening and accelerating the deployment of energy infrastructure, such as cutting the time to build power lines from 14 years to 7 and also to reduce the time that takes to connect the grid from five years to half a year.
Coutinho added that "we have set out the most radical plans to update the grid since the 1950s – speeding up connections and rapidly increasing capacity. As we move away from unreliable imports to cheaper, home-grown energy, we’re boosting the grid so that it can meet our expanding electricity needs which are expected to have doubled by 2050."