London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Britain to launch $220 million fund to boost floating wind power industry

Britain to launch $220 million fund to boost floating wind power industry

Britain will launch a 160 million pound ($220 million) fund to help developers of floating offshore wind technology as part of efforts to ramp up renewable power and meet climate targets, the government said on Friday.
The announcement comes as Britain seeks to boost its green credentials before hosting the United Nations’ COP 26 climate summit in Glasgow from Sunday.

“Floating offshore wind is key to unlocking the spectacular wind energy resource we enjoy in the UK, particularly in the deep waters around the coasts of Scotland and Wales,” energy minister Kwasi Kwarteng said in a statement.

Britain has a target to generate 40 gigawatts (GW) of electricity from offshore wind by 2030 – up from around 10 GW currently – which it says would be enough to power every home. Floating wind farms are expected to account for 1 GW of that.

Floating wind farms are an emerging technology with far higher costs than plants fixed to the seabed, but costs are expected to fall as more projects are brought online, opening up the potential to develop sites further offshore.

Details on how cash will be allocated will be set out after consultation with industry, the government said, with the new money being part of the 1.4 billion pound Global Britain Investment Fund announced in Wednesday’s budget.

Scotland’s Crown Estate this year launched a tender for seabed licences around the coast for up to 10 GW, attracting bids from renewables companies and oil majors, with many of the sites likely to require floating wind technology.

The Crown Estate for England, Wales and Northern Ireland has also launched a leasing round just for floating wind projects in the Celtic Sea for 0.3 GW of projects.

($1 = 0.7257 pounds)
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×