Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, what steps his Department is taking to incentivise investment in renewable electricity.

Instruments like the Contracts for Difference (CfD) scheme make the UK an attractive place to invest in green industries. We estimate that the UK encouraged £50 billion of new investment in low carbon sectors across 2021 and 2022 alone. CfD Allocation Rounds now run on an annual basis, which will drive the rapid deployment of renewable electricity and improve investor certainty. To encourage investment, the Government announced at the 2023 Spring Budget a policy of full expensing, which will mean that the UK has the joint most generous capital allowance regime in the Organisation for Economic Co-operation and Development (OECD).