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United Kingdom to provide £557m funding for new renewable energy projects
13 October 2017, 12:06 | Hattie Nash
An electric car being charged
The government is also proposing to publish joint industrial decarbonisation and energy-efficiency action plans with seven of the most energy-intensive industrial sectors, and is investing up to £100m in carbon capture and storage technologies.
On Oct. 12, the United Kingdom government released its Clean Growth Strategy, which aims to cut carbon emissions while driving economic growth.
The £2.5 billion of existing government spending includes up to £505 million from the BEIS's Energy Innovation Program, which aims to accelerate the commercialization of innovative clean energy technologies and progresses.
The long-awaited clean growth strategy sets out measures for housing, businesses, transport, agriculture and the power sector, and to make the United Kingdom a "world leader" in green finance.
Scottish Renewables and the Renewable Energy Association (REA) have both welcomed the United Kingdom government's Clean Growth Strategy but expressed disappointment there is no commitment to allow onshore wind and solar to compete for price support with other renewables.
It is spending £1 billion supporting the take-up of electric cars, developing an electric vehicle charging network and spending £841 million in innovation in low-carbon transport and fuels. "It's as big a change as the move from the age of steam to the age of oil and Britain is showing the way".
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Jay said, "The question is how can a person, who heads a private enterprise, can be asked to head a government institute". The student body has urged Kher, who will now be heading the institute, to resolve these longstanding issues.
"With cost reduction recognised as an important part of the continued growth of our low-carbon energy system, it is startling that cheap, popular onshore wind and solar PV are excluded once again from plans for the UK's energy future", said Claire Mack, Scottish Renewables chief executive.
RenewableUK, which speaks for the wind and marine renewables industries, welcomed the strategy and the commitment to the development of a Sector Deal for offshore wind, but said that "what's missing is clarity on how the lowest-cost technology, onshore wind, can deliver for United Kingdom consumers".
Richard Evans, North Energy sector lead at KPMG and a member of the taskforce, said: "As the government looks to a modern industrial strategy, with energy as one of the key pillars, the Northern Energy Taskforce offers a strategy that provides a route for the North to drive forward its distinctive economic priorities and play to its strengths".
The strategy is needed to address how the United Kingdom will get back on track to meet legally-binding targets to cut emissions in the 2020s, which it is set to miss by a wide margin, and meet further legal targets by 2032. "Industry stands ready to now work with government to ensure we move from strategy to delivery at the earliest opportunity".
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Wal-Mart Stores, Inc. (NYSE: WMT)
The firm has "Buy" rating by Nomura given on Friday, May 20. (NASDAQ:CPRT) has "Hold" rating given on Friday, May 27 by Jefferies. Cullinan Associates Inc increased American Electric Power (NYSE:AEP) stake by 7,800 shares to 23,600 valued at $1.64M in 2017Q2.