Offshore Wind Net Zero Investment Roadmap
Eight freeports in England, two green freeports in Scotland and two freeports in Wales, including measures such as: tax relief, business rates retention, customs, regeneration, innovation and trade and investment support. Financial support § Capital allowance support: As announced in the 2023 Spring Budget, Government is introducing a series of economy-wide capital allowance measures from which offshore wind projects can benefit. § Investment zones extended across the UK. The Investment Zone programme, designed to empower local places and grow the economy, will further benefit from a new package of tax reliefs as announced in Spring Budget. These tax reliefs will bring forward new investment by reducing the cost of doing business. Innovation support § Innovative floating offshore wind demonstration programme – with £31 million government funding and £30 million of industry match funding.
§ Supporting the Floating Offshore Wind Centre of Excellence – providing £2 million additional funding over 4 years. § Offshore Renewable Energy Catapult (OREC). OREC delivers products and services with industry in research, innovation, testing innovation and supply chain growth. § Joule programme – £5 million to OREC and the National Composites Centre to incorporate advanced composites into next generation wind turbine components. § Windfarm Mitigation for UK Air Defence radar competition – £14.15 million in Phase 3, building on £5.9 million in Phases 1 & 2. Offshore Wind Net Zero Investment Roadmap: Leading the way to net zero