Investment and pension funds called on to back UK offshore wind
UK Prime Minister David Cameron yesterday called on investment, pension and sovereign wealth funds to back offshore wind projects.
The country needs to invest around £200 billion in new energy infrastructure to reduce dependence on imported fossil fuels, replace ageing power generation facilities and decarbonise its supply.
But the government argues that much of this investment will need to come from sources other than the UK’s current major energy suppliers.
“I see offshore wind as a significant energy and industrial opportunity for the UK, and one that I am determined to seize,” Cameron told a conference in London, where Ministers and officials met with around 50 potential investors.
The UK has some of the most significant offshore wind resources in Europe and a “world-leading marine engineering base”, according to the Prime Minister.
Minister of State for Energy Charles Hendry added that offshore wind in the UK provides a “stable, long-term and lucrative investment opportunity”.
“The UK is a global leader in offshore wind and if people are not seriously considering investing here then I want to know why,” he said.