UK launches £1bn green energy fund

UK chancellor Alistair Darling will announce a £1 billion (€1.1 billion) fund to inject investment in green transport and energy projects.

The UK government is committed to reducing UK carbon emissions by 80% by 2050 and so changes in infrastructure and power generation will be needed over the coming decades.

The Labour Government hopes to upgrade the transport system to use cleaner fuels as well as boost low-carbon energy such as wind, wave and solar power creating thousands of new jobs.

The news comes as the UK prepares its budget weeks before an expected general election.

However public finances are tight meaning the new green fund will be small in scale, but the government hopes private investors will back innovative new ideas.

Environmental campaigners have expressed doubts over the extent to which £1 billion will stretch and how effective it will be

213 queries in 0.395 seconds.