UK vows to increase clean energy investment

The British government Wednesday reaffirmed its commitment to spend 730 million pounds (about 912.5 million U.S. dollars) of annual support on renewable electricity projects over this parliament.

In a newly released statement, the government also set out further details for the next Contracts for Difference auction where companies will compete for the first 290-million-pound worth of contracts for renewable electricity projects.

Meanwhile, proposals for the next steps to phase out electricity generation from unabated coal-fired power stations within the next decade have also been revealed in the statement.

The British government first announced its intention to take unabated coal out of the energy mix in November last year.

This long-term plan is expected to provide confidence to investors that Britain is open to investors in new, cleaner energy capacity as the country transition from coal to gas, and build a diverse energy system, according to the statement.

"This is a key part of our upcoming Industrial Strategy, which will provide companies with the further support they need to innovate as we build a diverse energy system fit for the 21st century that is reliable while keeping bills down for our families and businesses," said Greg Clark, Britain's business and energy secretary. (1 pound = 1.25 U.S. dollars) Endit