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The UK has set out plans to boost its energy security and independence by promoting investment into infrastructure and the production of cleaner energy such as offshore wind, green hydrogen and nuclear.
In a statement released today (March 30), the UK government said it aims to deliver “a radical shift in our energy system towards cleaner, more affordable energy sources” after decades of reliance on importing expensive fossil fuels.
The suite of measures include a £160m fund to support the port infrastructure needs for the UK emerging floating offshore wind industry and an investment of more than £380m into electric vehicle charging infrastructure. The government also said it would back the first green hydrogen projects under a separate £240m fund.
The plan will also streamline planning to attract investment into energy infrastructure and reform the UK’s ‘Contract for Difference’ scheme, which has been used to attract around £80bn of renewables investment since 2010. Today’s energy security plan comes barely two weeks after the UK’s Spring Budget, which set out 12 investment zones across England focused on innovation and high growth sectors.
Uganda’s anti-LGBTQ law worsens investment climate
A coalition of diverse multinational businesses, which includes Google, ABB and Ikea, have warned that Ugandan president Yoweri Museveni’s proposed anti-homosexuality legislation will have a detrimental impact on the country’s business and investment climate.
The legislation, which could impose imprisonment of up to 10 years and even the death penalty for same-sex relations, will “undermine Uganda’s attractiveness as a place to do business and invest”, warned the Open for Business coalition on March 29.
The coalition, which is focused on promoting lesbian, gay, bisexual, transgender and queer (LGBTQ) rights worldwide, said that countries that do not criminalise consensual same-sex relations attract on average 4.5 times more foreign investment than countries that do.
The bill has wide support in Uganda, including among church leaders, with only two of the 389 legislators present for the voting session on the bill opposing it, according to a report by the Associated Press.
Germany funds €45bn railway plan through roads
Representatives from the three parties that make up Germany’s coalition government have agreed to a plan to invest billions of euros into the country’s railway infrastructure, funded through an increase in tolls of trucks on its highways.
The plan, outlined in a statement released on March 29, said some €45bn will be invested in the country’s rail system from now until 2027. This is part of a goal to transport at least 25% of the country’s goods by rail by 2030.
The agreement will also mandate that gas stations in the country offer at least one high-speed charging point for electric vehicles within the next five years. France announced on February 24 that it would inject €100bn into its rail infrastructure by 2040.
And finally, Chinese automotive component maker Ningbo Xusheng has said it plans to invest $276m to establish five overseas subsidiaries to facilitate construction of its planned factory in Mexico.
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