According to a new industrial-strategy paper, British Prime Minister Theresa May is planning to turn her country’s early adoption of clean energy into a global business.
Basically, the objective of May’s administration is to take advantage of strengths to gain a significant share of the global market, with clean energy as a key focus area.
May stated that she wants to bolster UK’s relationships with other countries as the country broke away from the European Union. In 2016, the UK drew a record $29.9 billion of investment in its world-leading wind energy technologies. Now, the country plans to build the first tidal lagoon in the world. Inland, it plans to coordinate changes to its energy infrastructure by installing smart grids, hydrogen fuel technologies and charging points for electric vehicles.
When it comes to accomplishing its climate change targets, the report stated that the country will prioritize costs and security of supply, switching to a low-carbon economy for its businesses. Explaining this strategy, executive director of RenewableUK, Emma Pinchbeck, said:
“Energy costs are crucial for all industries, so as this reboot for Britain takes shape, with renewable energy now a mainstream power source, we need to maximize the benefits we all get from the investments that have been made in modernizing the way we generate electricity.”
She also called for the government to reconsider implementing the ban on subsidies for new onshore wind farms, stating that they are the cheapest form of new power for the UK.