Japan’s Marubeni eyes £10 billion UK clean energy investment
Japan’s Marubeni eyes £10 billion UK clean energy investment | Windpower Monthly
The UK government has signed a deal with Marubeni to support the Japanese conglomerate and its partners’ plans to spend about £10 billion (€11.6 billion) in UK clean energy projects in the next decade.
Marubeni and the UK government’s Department for Business and Trade signed a memorandum of understanding yesterday (11 October) for “comprehensive cooperation in clean energy projects, including offshore wind and green hydrogen” in the UK.
The Japanese company is due to spend about £1 billion of its own money on the projects, according to the Reuters news wire.
Marubeni had previously signed a similar deal with Scotland’s national economic development agency for collaboration on floating offshore wind and green hydrogen.
It is developing a gigawatt-scale floating offshore wind project off the east coast of Scotland with SSE Renewables and Copenhagen Infrastructure Partners.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”