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Renewable energy has a central role in the Government’s decarbonisation and levelling-up
ambitions. The Government recognises the economic benefits it can derive from renewable
energy and is committed to developing these. The Government has taken a number of
fiscal steps to support the deployment of renewable energy, including:<p> </p><p>We
have moved to annual Contract for Difference auctions, bringing forward the next round
to March 2023. This will help to encourage low-carbon generation and provide greater
confidence to investors and supply chain companies.</p><p> </p><p>We are investing
£160 million in offshore wind ports and the supply chain through the Offshore Wind
Manufacturing and Investment Scheme (OWMIS) and have announced up to another £160
million to support development of the floating supply chain. We also recently announced
£31 million of UK government funding, to be matched by industry, for research and
development in this area.</p><p> </p><p>We have cut VAT rates on solar panels, and
solar panel & storage packages, down to 0% (from 5% and 20% respectively) to encourage
installation.</p>
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