Finance: Environment Protection

Mr. Oaten
To ask the Minister of State, Department for Business, Innovation and Skills how much of the £250 million Low Carbon Industrial Strategy Fund has been (a) allocated and (b) spent to date on each project which has received funding.

Mr. McFadden
The first investments from the £250 million of funding for low carbon economic development in the Strategic Investment Fund were set out in the UK Low Carbon Industrial Strategy on 15 July and further investments have since also been announced. The funding that has been committed, or earmarked for specific projects and investments, includes:

Up to £120 million to support development of a British based offshore wind industry.

Up to £30 million to capitalise on Britain’s wave and tidal sector strengths

Up to £10 million for the accelerated deployment of electric vehicle charging infrastructure.

A £4 million expansion of the Manufacturing Advisory Service.

£45 million to support research and technology into low carbon aeroengine projects.

£2.5 million to a Carbon Trust technology investment joint venture to help UK companies develop new low carbon technologies in China.

By way of example, specific projects supported include Wave Hub—a groundbreaking project in the south west of England creating the UK’s first offshore facility for the demonstration of wave energy generation devices; and marine energy testing facilities at the New and Renewable Energy Centre (NaREC). Offshore wind investments include funding for new offshore wind manufacturing facilities in the UK and investment in the development of next generation and near-market offshore wind technologies through large scale demonstration.

The Department has published an update on the entire £750 million Strategic Investment Fund, of which the low carbon SIF is a part, and copies have been placed in the Libraries of the House.