The U.K. government has unlocked $10.1 billion investment into key clean energy projects, like offshore wind and hydrogen, with the signing of a new deal with the Sumitomo Corporation in Tokyo.
Sumitomo Corporation aims to facilitate the investment into key U.K. infrastructure and clean energy projects by 2035, backing the government’s aim to significantly increase long-term business investment into key growth sectors following the publication of the Modern Industrial Strategy and the 10-Year Infrastructure Strategy.
The investment will be focused on key offshore wind and hydrogen projects, supporting the U.K.’s aim to become a clean energy superpower, according to the government.
“The U.K. is a top investment destination for Japanese businesses, so I’m delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working.
“We’re serious about clean energy as a key growth sector, and deals like this create high value jobs, encourage further investment into our world-leading industry and help boost economic growth right across the U.K.,” said Poppy Gustafsson, U.K. Minister for Investment.