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Sunak announces £11bil wind farm investment by UAE, German firms

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The joint investment plans will help erect turbines at the UK’s Dogger Bank site in the North Sea.

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The UK government claims that the long-planned offshore wind farm off the coast of Yorkshire will be the largest in the world. (Reuters pic)

DUBAI:
UK prime minister Rishi Sunak announced on Friday plans by the United Arab Emirates’ state-owned renewables firm Masdar and German energy giant RWE to invest up to £11 billion in a giant offshore wind farm.

The joint investment plans will help erect turbines at the UK’s massive Dogger Bank site in the North Sea, he said at the COP28 climate talks in Dubai.

The long-planned offshore wind farm off the coast of Yorkshire in the northern UK will be the largest in the world, the UK government claims.

“I’m pleased to announce a new deal between Masdar and RWE, which includes a commitment to jointly invest up to £11 billion into the UK’s new windfarm at Dogger Bank,” said Sunak.

“This is a huge boost for UK renewables, creating more jobs, helping to power three million homes and increasing our energy security,” he told a press conference on the fringes of COP28.

Masdar will purchase a 49% stake in RWE’s 3.0 gigawatt projects at Dogger Bank South, both companies said.

The southern section is capable of powering three million typical UK homes, creating 2,000 jobs during construction and over 1,000 direct and indirect roles during its operational phase, it added.

The financial deal is expected to complete in the first quarter of next year, the state-owned UAE enterprise noted.

Sunak has come under pressure over his commitment to climate change mitigation this year, after softening several policies aimed at reaching net zero carbon emissions by 2050.

However, he used his appearance at the United Nations climate conference to defend those decisions and insist the UK was on course to meet its commitments.

“What I can reassure you is we’re going to continue to do more than others going forward to,” Sunak told reporters.

“We can meet targets that are already more ambitious than anyone else’s but we can do so in a more pragmatic way,” he added, noting the cost-of-living crisis impacting many Britons.

The British leader, struggling in the polls ahead of an expected general election next year, claimed no other world leaders at COP28 had raised his slew of recent rollbacks to UK climate policies.

“Because most of their targets are less ambitious than the UK’s,” he said.

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