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Renewable energy to bring £25bn of investment into UK economy - Davey

Changes to subsidies for renewable electricity could incentivise between £20 billion and £25 billion of new investment in the economy between 2013 and 2017. The Banding Review for the Renewables Obligation will support jobs and deliver more clean power with a reduction in costs to consumers between 2013 and 2015, Ministers said.

Bandings were today set for renewable technologies under the Renewables Obligation – the Government's main mechanism for supporting large-scale renewables – for the period 2013-17 (2014-17 for offshore wind). This comes ahead of the Government's Global Investment Conference and series of 17 business summits taking place at the British Business Embassy at Lancaster House during the upcoming Games, which aim to secure further investment into the UK.

Renewable energy will create a multi-billion pound boom for the British economy, driving growth and supporting jobs across the country.

The support we’re setting out today will unlock investment decisions, help ensure that rapid growth in renewable energy continues and shows the key role of renewables for our energy security.”

Edward Davey, Secretary of State

More information on the DECC website


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