According to the government, foreign investments in UK’s low-carbon industries will generate around 35,000 jobs.
Prime Minister Boris Johnson is set to announce 18 new deals worth £9.7bn as he opens a global investment summit.
You can invest in areas such as renewable homes, hydrogen energy and carbon capture.
Prime Minister said that investors have recognized the “massive potential” of Britain for innovation and growth.
His statement said that investment from Spanish companies like Iberdrola Energy, Prologis Logistics and Getir Groceries would fuel the UK’s economy and assist in achieving the government’s levelling-up agenda.
The Global Investment Summit will open in London by Johnson on Tuesday. More than 200 business executives are expected to attend.
For an international investor summit, the government assembled a stellar guest list from the top global business leaders.
Blackrock will host the chief executives of its largest investment company, JP Morgan. JP Morgan is the US’s second-largest bank. EDF and other energy titans like EDF, are also expected to gather at London’s Science Museum.
Announcements of nearly £10bn in investment in the UK have been timed to coincide with the event.
Spanish Iberdrola which is also the owner of Scottish Power has made the single largest investment. Its announcement of a further £6bn in offshore wind investment – on top of £10bn over the last five years – will cement the UK’s position as a world leader in offshore wind, just two weeks before the major climate summit in Glasgow.
Recently, the rise in gas prices has exposed UK and EU dependence on fossil fuels. EDF may be encouraged by this fact that government approval will be given to their plans for Sizewell nuclear plant. Kwasi Kwarteng (Business Secretary) will be hosting a breakfast meet with EDF’s chairman.
This summit is expected to reverse the decline in foreign investments in new projects that has been occurring since 2015.
He will be joined by Bill Gates, Microsoft cofounder and philanthropist.
Iberdrola, which owns Scottish Power, will confirm that it will invest a further £6bn in off-shore wind farms off the coast of Suffolk.
Although they are yet to receive planning permission, the wind turbines located in East Anglia’s “hub” will create approximately 7,000 new jobs.
Prologis will commit to invest £1.5bn in the UK over the next three years to develop net zero carbon warehouses across London, the South East and the Midlands, supporting about 14,000 new jobs.
Hamid Moghadam chief executive at Prologis stated, “We believe that private sector innovation can, and will keep playing, an important role in overcoming the environmental problems the world currently faces.”
Getir intends to spend more money on expanding its UK activities. It has a fleet electric cars and plans to create around 7,000 permanent positions by 2022.
Ultimate Battery Company will also invest £28m in setting up a UK plant for eco-friendly batteries.
It is anticipated that the UK government will reveal its comprehensive strategy to dramatically reduce greenhouse gas emissions in all areas, including transport, industry and housing, on Tuesday.
The government committed to reducing emissions dramatically by 2035 and reaching net zero by 2020. That means the country will absorb just as much carbon dioxide as it emits through activities such as tree-planting.
Two weeks ahead of Glasgow’s COP26 climate summit, the announcements were made. This is the biggest global meeting to date about how to combat global warming.
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