22 Apr 2009 06:04:04
Darling announces green initiatives in UK Budget
Alistair Darling has announced a package of green initiatives worth hundreds of millions of pounds, committing to cut Britain's carbon dioxide emissions by 34 percent by 2020.
At his second annual Budget statement on April 22nd, the chancellor of the exchequer revealed that the government will set aside £1.4 billion for additional, targeted support in the low carbon sector.
Claiming that the new measures make up the world's first 'carbon budget', Mr Darling proposed to position the UK as a global leader on green initiatives with £525 million of new financial support over the next two years for offshore wind schemes.
"The credit squeeze is holding back major offshore wind projects. I want to lift the barriers," he said, adding: "The potential is enormous."
Mr Darling announced £435 million for energy efficiency measures in "homes, businesses and public buildings", as well as a new funding mechanism to support carbon capture and storage projects.
The Budget contained a two pence increase in the duty placed on fuels, which will come into effect from September 1st. Between 2010 and 2013, fuel duty will rise annually by a further one pence per litre in real terms.
It was estimated that this extra taxation will encourage savings of two million tonnes of carbon dioxide emissions per year by 2013 to 2014.http://budget.treasury.gov.uk/building_a_low_carbon_recov...