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UK Chancellor of the Exchequer Alastair Darling unveiled a number of measures ta ...

UK Chancellor of the Exchequer Alastair Darling unveiled a number of measures targeting the renewables sector in what he described as ‘the world’s first carbon budget’, with a commitment to reduce UK emissions by 34% on 1990 levels by 2020. The main measures include:
Up to £4bn of finance for new renewable energy projects in the UK will be provided by the European Investment Bank (EIB), responding to serious difficulties in access to finance.
The number of renewables obligation certificates (ROCs) allocated to new offshore wind projects will be increased to 2/MWh for 2010/2011 and 1.75 in 2011/2012, before reverting to the 1.5 ROC/MWh level. The government has valued this at £525mn. Project eligibility will be subject to specified criteria.
The decentralised renewables sector will receive £70mn of new grant support to bridge the period to the introduction of the new renewable energy tariffs; £45mn for the Low Carbon Buildings Programme and £25mn for community heating.
In addition, the Budget offers:
Some £10mn in new grants for anaerobic digestion to turn organic waste into green energy.
Authorising £4bn of networks investment by the private sector to improve access for renewable energy (a 50% increase on five years ago according to the Renewable Energy Association (REA)).
A total of £405mn to support the Low Carbon Industrial Vision, including £250mn for ‘advanced industrial projects of strategic importance’.
Some £50mn for the Technology Strategy Board for future growth industries including low carbon technology.
However, as the REA points out, many of the provisions are caveated with pre-conditions and eligibility criteria that need to be spelt out before industry can be sure these measures will bite.
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