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<p>The government is attracting tens of billions of private investment into energy
infrastructure from a wide variety of sources. Autumn Statement 2023 announced planning
and grid reforms which could bring forward £90 billion of investment in energy infrastructure
over 10 years, and since September 2023 alone companies have announced plans for £30
billion of new energy investment.</p><p> </p><p>Autumn Statement added to the significant
progress government has already made in creating the right enabling environment for
infrastructure in decarbonization, as set out in Powering Up Britain. This includes:</p><p>-
Innovative financing mechanisms and business models to provide revenue support and
long-term certainty for investors in green industries, including Contracts for Difference
(CfDs) for renewable energy generation, Regulated Asset Base (RAB) for nuclear, and
models for CCUS and hydrogen.</p><p>- A strong public finance offer, including the
£22bn in financial capacity in the UK Infrastructure Bank (UKIB) which enables it
to partner with the private sector and government to increase net zero infrastructure
investment.</p><p> </p><p>Spring Budget 2024 delivers and builds on announcements
from Autumn Statement, creating the enabling environment for net zero investment through
energy system reforms. This includes:</p><p>- Confirmation of the parameters of the
6<sup>th</sup> Contracts for Difference (CfD) round for offshore wind, with the largest
ever budget set at £1 billion.</p><p>- Seizing the growth opportunities of the net
zero transition, with an additional £120 million for the Green Industries Growth Accelerator
targeted at manufacturing capacity in the clean energy sectors where the UK has the
strongest current or potential advantage: CCUS, hydrogen, offshore wind, networks,
and nuclear. This brings overall funding for the Green Industries Growth Accelerator
to over £1 billion.</p><p>- The pensions reforms currently being developed by the
Government, Financial Conduct Authority and The Pensions Regulator, which will also
help ensure that pension funds are investing in the full range of asset classes including
infrastructure.</p>
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