On Global Wind Day (15 June) the UK Export Finance signed a memorandum of understanding (MoU) with ORE Catapult that will help bring global trading opportunities to UK suppliers and propel UK renewable exports.
The UK currently holds the status of the world’s largest offshore wind market, generating 10.4GW of total installed capacity. The UK government is now looking to take this a step further and is currently exploring new initiatives which will help UK companies export the country’s expertise to new, emerging markets.
ORE Catapult, headquartered in the North East from its National Renewable Energy Centre, is a leading innovation centre for offshore renewable energy with expertise in accelerating offshore wind technologies and supporting clean growth. It also helps to develop new technologies which reduce the cost of offshore wind to help UK companies become more competitive.
As part of the new co-operation agreement, ORE Catapult and UKEF will look to raise awareness of the support that can be provided to assist UK businesses who operate within the renewable energy sector. UKEF has also agreed to offer training to ORE catapult employees which will highlight the financial support UKEF offers in favour of green SMEs, benefitting nearly 300 SMEs that ORE Catapult support in the renewable energy sector.
This new agreement has been implemented in support of the Government’s Green Industrial Revolution in which the UKEF is heavily focused on supporting green projects and as such are offering favourable repayment terms. As well as this, the UKEF has put in place a £2 billion direct lending facility dedicated to financing clean growth projects and an international network of trade finance experts focused on supporting UK renewable energy businesses.
What is the Green Industrial Revolution?
Earlier this year Prime Minister, Boris Johnson, announce a 10-point-plan for a ‘Green Industrial Revolution’. This plan is centred around the UK’s industrial heartlands – the North of England, the Midlands, Scotland, and Wales and has ambitions to generate 250,000 new jobs in these areas in the carbon capture, electric vehicle, nuclear, hydrogen and renewables sectors. This plan follows documented ambitions set out by the Prime Minister to make the UK a world leader in clean wind energy, and the new flagship memorandum signing is in testament to this.
How does this new agreement fit into international ambitions to promote Green Energy?
This new agreement also falls in line with the ‘Visions for a Net Zero Future’, from the COP26. This plan looks to bring together academics, business, civil society, and citizens to look at the innovations and approaches that could deliver a greener, carbon-neutral society, looking at issues like electricity generation, agriculture, waste and water management, building design, reforestation, and ocean conservation.
The project will develop six visions, each focusing on a different region around the world – the UK, Jamaica, Brazil, Kenya, United Arab Emirates and Saudi Arabia, and India. Defined details of the six ‘visions’ from the project will be released later this year, ahead of the COP26 Summit in November.
How can Animo help?
If you have any queries about how your business may be able to benefit from the green schemes mentioned above, or any other queries relevant to the development of Green, renewable energy in the UK – get in contact today and one of our consultants will be happy to advise on best practice for your business. Contact us today by calling +44 (0)207 060 0835, emailing firstname.lastname@example.org, or filling out the contact form below.