Britain invests up to $1.4 Billion in Community Energy Projects

The UK announced on Tuesday that it would invest up to one billion pounds ($1.4billion) in community energy projects such as solar panels for libraries and public buildings. This will help the country meet climate targets and reduce local energy costs.

Britain wants to decarbonise the power sector largely by 2030. This will require an increase in renewable energy capacity.

Local Power Plan launched on Monday aims to help local communities and public buildings implement clean energy projects.

Great British Energy will provide the funding, which is part of the 8.3 billion pounds that GBE has committed over the course of the current parliament.

Ed Miliband, the Energy Secretary, said that this initiative would enable communities to control and own clean energy production. Profits will flow to?local areas instead of large energy companies.

In a statement issued by the Department of Energy Security and Net Zero, he stated: "By allowing local communities to take control of their own energy, the government makes a fundamental decision to return wealth and power to the community."

The government announced that the funding would be distributed through grants and loans, and schemes will launch later this year.

(source: Reuters)