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Renewable Energy: Finance

Volume 506: debated on Friday 5 March 2010

To ask the Chancellor of the Exchequer with reference to paragraph 7.25, page 124, of the pre-Budget report, Cm 7747, from which budget the (a) £50 million for the development of offshore wind technologies and (b) £40 million for the development of low carbon energy and advanced green manufacturing technologies will be allocated. (320366)

£50 million for the development of offshore wind technologies and £40 million for low carbon energy and advanced green manufacturing technologies are to be funded from the £200 million extension to the Strategic Investment Fund (SIF) announced at 2009 pre-Budget report (PBR).

The SIF, which is administered by the Department for Business, Innovation and Skills, was created in Budget 2009 to support advanced industrial projects of strategic importance. Together with the PBR extension, it has total funds of £950 million. Of this, £400 million is to be spent on low carbon projects (including the two areas noted above).