Tuesday, 24 October, 2017

UK Government unveils Clean Growth Strategy

An electric car being charged An electric car being charged
Velma Reese | 13 October, 2017, 09:18

The UK Government has announced an ambitious new Clean Growth Strategy to drastically cut carbon emissions and combat climate change, including £557 million for the country's third renewable energy Contracts for Difference auction set for spring of 2019.

Other components of the 165-page plan indicate the government plans to end the sale of all new conventional petrol and diesel cars and vans by 2040, phase out the use of unabated coal to produce electricity by 2025, and develop new offshore wind and nuclear energy projects.

Low-carbon innovation is at the heart of the government's approach, climate change and industry minister Claire Perry said in a written statement to parliament.

"Government is clear that clean growth is a priority for the United Kingdom, and that the low-carbon sector can help to increase the competitiveness and productivity of our economy in the decades ahead, creating high-value jobs as well as taking effective action on climate change. They have listened to the industry by providing a clearer longer-term trajectory for improving the energy efficiency standards of existing homes, and adopted our own aspiration for upgrading as many of these as possible to EPC Band C by 2035". "Onshore wind is the cheapest form of new power generation, and it would be exciting to see what projects in the right places could deliver for United Kingdom consumers".

Exxon Mobil Corporation (XOM) stock RSI 70.81 signaled a sell opportunity
Plante Moran Financial Advisors Llc decreased Exxon Mobil Corporation (XOM ) stake by 31.73% reported in 2017Q2 SEC filing. Several other institutional investors and hedge funds have also recently added to or reduced their stakes in XOM.

An investment of £2.5 billion will support low carbon innovation from 2015 to 2021, as part of the largest increase in public spending on science, research and innovation in more than three decades. In addition, up to £20 million will be used to demonstrate the viability of switching to low carbon fuels for industry.

Wednesday saw the UK Government launch its new Clean Growth Strategy which sets out how to grow the national economy while simultaneously cutting greenhouse gas emissions.

UK Energy Minister, Richard Harrington said: "The government's Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy".

"Recent announcements in the offshore wind and vehicle manufacturing industries have highlighted how a clear vision, supported by detailed policies, enable the private sector to drive innovation, cut the costs of clean technologies and invest in United Kingdom jobs and supply chains". However, much of the Carbon dioxide reduction so far has been secured by phasing out coal-fired power plants, and as such facilities fall off the United Kingdom grid more new policies are needed to ensure continued decarbonisation into the 2020s and beyond.

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