12 October 2024, United Kingdom - Major global energy companies have pledged over £24 billion in new investments across Great Britain. This commitment was made during a meeting in Edinburgh, coinciding with the first council of nations and regions, aimed at discussing multi-billion-pound projects ahead of an upcoming international investment summit.
The Labour Party faces pressure to demonstrate its ability to finance ambitious economic growth plans, including a pledge to establish a carbon-free electricity system by 2030. The government plans to rely heavily on private sector investments to achieve its clean energy goals after cutting plans for £28 billion annual spending on decarbonizing Britain's energy.
Spanish company Iberdrola, owner of Scottish Power, has announced it will double its planned investments in the UK’s clean energy ambitions to £24 billion over the next four years. This follows its previous commitment of £12 billion by 2028 to upgrade the UK’s aging electricity networks and develop new renewable energy projects.
Iberdrola's investment surge represents a threefold increase in its average annual investment over the past 15 years. CEO José Ignacio Sánchez Galán praised the stable investment environment in the UK and the clear political direction towards net-zero climate goals.
Danish company Ørsted has committed £8 billion to offshore wind investments, while Greenvolt plans to invest £2.5 billion in proposed offshore wind farms. Additionally, the Australian Macquarie Infrastructure Investment Bank announced £1.3 billion for the Island Green Power solar farm in Norfolk and ultra-fast electric vehicle charging points.
US-based Holtec has pledged £325 million for a new manufacturing plant in South Yorkshire, supplying materials for the Hinkley Point C nuclear power station and the planned Sizewell C, expected to create 1,200 jobs over 20 years. Other investments include £300 million from BW Group for a new battery energy storage project in Birmingham and £225 million from SeAH Wind for offshore wind turbine base manufacturing in Teesside, projected to create 750 jobs by 2027.