The Government finally switches on to a clean growth strategy

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They said "the Clean Growth Strategy is a positive signal that the Government understand the significant opportunities for the United Kingdom that moving to a low carbon economy can bring". "By focusing on clean growth we are presented with a win-win".

The interim carbon budget targets are created to keep the United Kingdom on track towards its overarching requirement to cut emissions by 80 per cent by 2050 from 1990 levels.

As part of the strategy, developers will compete for up to £557 million of funding in Contracts for Difference auctions which drive down energy costs for consumers and increase business confidence.

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.

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.

The plans were broadly welcomed by the energy industry, but some specific policies drew criticism. This wonderful cost reduction is a reminder of what innovative industry can deliver when backed by competitive auctions.

The UK Government has announced that the next wave of funding worth £557m to less established renewable energy projects will be offered in 2019.

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".

The new Clean Growth Strategy for the first time sets out how the Government will distribute in excess of £2.5 billion worth of investments to support low carbon innovation from 2015 through to 2021 - including up to £505 million from the Department for Business, Energy and Industrial Strategy's Energy Innovation Programme, which aims to accelerate the commercialization of innovative clean energy technologies and processes.

The highly anticipated strategy comes nine months after it was promised, having been beset by delays from political events such as last year's European Union membership referendum, subsequent Brexit negotiations and June's General Election.

The UK government stated that it will publish next week, the Clean Growth Strategy, which will build on this success, while ensuring that the country moves towards becoming a low carbon economy. Emissions are down by 42 percent, while the economy has grown by 67 percent.