Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, what steps her Department is taking to encourage investment in the energy supply chain industry.

The recently published BloombergNEF (BNEF) Energy Transition Investment Trends Report (2023) reported that total public and private investment in UK low-carbon sectors in 2023 reached £60 billion rising from £35 billion in 2022. The Government understands the importance of growing domestic energy supply chains, therefore at Spring Budget 2024 £120m funding to the Green Industries Growth Accelerator (GIGA) was announced, in addition to the £960m already allocated. This will support investments in manufacturing capabilities for the clean energy sectors where the UK has clear strengths: carbon capture utilisation and storage (CCUS), hydrogen, offshore wind, electricity networks, and nuclear. The Government is also providing up to £160 million to leverage private investment into the port infrastructure required to support floating offshore wind deployment at scale.