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EUROPEAN FUTURE ENERGY FORUM
28 March 2010

UNIQUE POLITICAL COMMON GROUND ON UK RENEWABLES AND GREEN BANK

Wind energy will be a major factor in the future of UK renewablesCross party support for the new UK Green Bank has reigned in, despite election politics. With the recent release of the Treasury’s Strategy for National Infrastructure and the Tory Energy Policy, spending on renewable energy and modernizing UK energy infrastructure has emerged as unique common ground between the three major parties.  

The Treasury’s Strategy includes the Green Investment Bank, with initial Government investment of £1billion from the sale of other infrastructure assets and an additional £1billion equity to be leveraged from the private sector.

“The fund will focus first on investing in green transport and sustainable energy, in particular offshore wind power,” said UK Chancellor, Alistair Darling, announcing the initiative during the 2010 budget speech. “We are offering £60m to develop ports looking to host manufacturers of offshore wind turbines,” he added.

Speaking to the European Future Energy Forum the current Secretary of State for Energy and Climate Change Ed Miliband said “this Budget will help propel the UK further and faster towards the green industries of the future. The green investment bank, new support for wind turbine manufacturing sites and the first findings of our work to reform the energy market are all critical. Jobs, growth, energy security and the fight against climate change are all winners.”

 

Conservative Shadow Energy and Climate Change Minister Greg Clark told EFEF: “The announcement in the Budget of a Green Investment Bank is welcome - it is an idea that the Conservatives first proposed last year. With so much of our generating capacity and energy infrastructure in need of replacement – and the global race to develop new energy technologies so important to our future prosperity – it is vital that we secure the finance to create an energy system fit for the 21st century.

 

Shadow Minister Clark continued “The Green Investment Bank should consolidate the existing disparate sources of public investment and leverage in external investment, to help us to generate green growth by winning a greater share of the rapidly growing market for green goods and services.”

 

Liberal Democrat Shadow Energy and Climate Change Secretary, Simon Hughes also spoke to EFEF about their support: "A Green Investment Bank is a good idea, and it’s no surprise that the first British politician to suggest it was Liberal Democrat Shadow Chancellor Vince Cable. Labour and the Tories have simply been playing catch-up. It’s vital that the Government is active in stimulating investment in our energy infrastructure.“
 
"However, we’re concerned that both Labour and the Tories want the bank to fund nuclear power, which is far from a clean solution to our energy crisis – it is in fact the most toxic form of energy generation possible,” said Mr. Hughes. "An infrastructure bank should instead give us a new route to provide capital, guarantees and equity for projects that put us on a path towards a

zero carbon Britain.
 

He continued: "Yesterday’s announcement of £60m to turn disused shipyards into wind turbine production centres pales in comparison with Nick Clegg’s vision of £400m to invest in upgrading Britain’s ports."

 

With agreement on the scale of low carbon energy and transportation infrastructure needed in the UK, renewable energy looks set to grow significantly. What remains to be seen is who will be in Government to set the policy, the priorities and control the purse strings.

 

The European Future Energy Forum looks set to be the first showcase of the UK Government post-election of their renewable energy plans and policy. Held 19-21 October at ExCeL, London in association with the UKTI, the forum will be the UK’s largest gathering of international renewable energy manufacturers, investors and service providers. It will also be an opportunity for energy ministers and heads of state from around the world to share a platform with the new UK government to debate policy, financing and infrastructure required to ensure energy security and sustainability in the Future of Energy within Europe.

 

The Forum, founded by the Masdar Initiative, Abu Dhabi Future Energy Company, was launched after the success of the mother event, the World Future Energy Summit in Abu Dhabi.

 

“The Forum will be the place for the generation of solutions”, said Dr Sultan Al Jaber, CEO, Masdar, Abu Dhabi Future Energy Company. ‘Our vision is of using these Forums as a method of exchanging knowledge and doing business internationally.”

 

For more information see www.EuropeanFutureEnergyForum.com

 

Please contact:

Lindsey Bredin, PR Manager [email protected]

Jo Tyler, Event Director [email protected]

Rebecca Oxley, Marketing and Media Partnerships [email protected]

 

Notes –

For high-resolution image please see 
/Images/Wind-turbines
 
ABOUT THE EUROPEAN FUTURE ENERGY FORUM

The European Future Energy Forum is an initiative developed with Masdar (Abu Dhabi’s multi-faceted, multi-billion dollar investment in the development and commercialisation of innovative technologies in renewable, alternative and sustainable energies) and part of the Future Energy Event series of events that includes the World Future Energy Summit held annually in Abu Dhabi.

 

The first European Future Energy Forum was launched with great success in 2009 in Bilbao, Spain and saw 3,638 attendees from 43 countries worldwide attend. The format of the event is based on creating a vibrant environment where high-level debate can take place on through a large conference platform, as well as knowledge exchanging workshops, small round table discussions and international networking and business meetings. 

 

The content of EFEF2010 will cover:


European Policy
            Investment and funding
            Green buildings
            Clean transport
            Solar photovoltaic
            Solar thermal
            Wind
            Biofuels
            Ocean power
            Geothermal
            Waste to energy
            Fuel cells
            Carbon management
            Environment strategy
            Nuclear
            Hydroelectric Power


 

This event brings together businesses and organisations that have solutions and opportunities for the global renewable energy and environmental technology market with large international investors and government decision makers. For further information see www.EuropeanFutureEnergyForum.com 

 

ABOUT UKTI

UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. 

 

For more information visit: www.uktradeinvest.gov.uk | www.youtube.com/UKTIWeb | http://blog.ukti.gov.uk | www.flickr.com/ukti | http://twitter.com/ukti 

 

Please Contact: Susan Grieve, UK Trade & Investment press office

E: [email protected] l Tel: + 44 207 215 4644

 

ABOUT MASDAR

The Masdar Initiative is Abu Dhabi’s multi-faceted, multi-billion dollar investment in the development and commercialisation of innovative technologies in renewable, alternative and sustainable energies as well as sustainable design. 

Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), a wholly owned company of the government of Abu Dhabi through the Mubadala Development Company. In January 2008, Abu Dhabi announced it will invest $15 billion in Masdar, the largest single government investment of its kind. 

For more information about the Masdar Initiative, please visit www.masdaruae.com

 

ABOUT THE ORGANISERS

The European Future Energy Forum is a joint venture between Turret Middle East and Bilbao Exhibition Centre. Turret Middle East a leading organiser of events and foundation partner of the Abu Dhabi National Exhibition Centre, launched the World Future Energy Summit and series of events with Masdar in 2007, before selling a share of the portfolio to Reed Exhibitions. For more information see www.turretme.com

 

Bilbao Exhibition Centre was host to the first European Future Energy Forum and continues to be a major stakeholder in the organisation of the event. As well as being one of the most modern trade fair and congress venues in Europe, they also organise a number of leading events of international profile in various sectors. For more information see www.bec.eu