Among the first beneficiaries will be suppliers to the tidal energy, wind and nuclear power industries.
Key initial investments include:
Up to ВЈ60m to capitalise on BritainвЂ™s wave and tidal sector strengths, including investment in Wave Hub вЂ“ the development of a significant demonstration and testing facility off the Cornish coast вЂ“ and other funding to make the South West BritainвЂ™s first Low Carbon Economic Area.
Up to ВЈ15m capital investment in order to establish a Nuclear Advanced Manufacturing Research Centre consisting of a consortium of manufacturers from the UK nuclear supply chain and universities.ADVERTISEMENT
A ВЈ4m expansion of the Manufacturing Advisory Service, to provide more specialist advice to manufacturers on competing for low carbon opportunities, including support for suppliers for the civil nuclear industry.
Up to ВЈ10m for the accelerated deployment of electric vehicle charging infrastructure.
Up to ВЈ120m to support the development of a British based offshore wind industry.
Business Secretary Peter Mandelson said: "There is no high carbon future. But if the transition to low carbon is inevitable, what is not inevitable is that we use the transition as a chance to develop new jobs, new industries here in Britain. This strategy builds on the New Industry New Jobs approach, outlining the strategic role the government will play alongside the private sector, to make the most of the potential benefits for innovation, growth and job creation in the UK.
"Low carbon and environmental goods and services are already worth ВЈ3 trillion to the global economy, and in the UK employ nearly 900,000 directly and through the supply chain. With the sector set to grow by over 4% per annum over the next six years we must do all we can to support British businesses and workers in benefitting. Today we are announcing the first investments under the ВЈ405M funding allocated in the budget. We must ensure that we equip businesses and the workforce with the capabilities and skills to take advantage of the potential benefits as the world moves towards a low carbon future."
Kier trading ‘in line with market expectations’