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13:03 GMT
LONDON, Mar 7 (KUNA) -- Britain announced on Thursday its plan to invest GBP 1 billion (approximately USD 1.27 billion) in upcoming renewable energy auction.
The Department for Energy Security and Net Zero said in a press release that the government has allocated a record of GBP 800 million (approximately USD 1 billion) for offshore wind, noting that Britain has five of the world's largest offshore windfarm projects.
It said that this project would help to deliver the UK's ambition of up to 50GW of offshore wind by 2030, including up to 5GW of floating offshore wind.
UK has seen GBP 300 billion (approximately USD 382.2 billion) of public and private low carbon investment since 2010.
With GBP 24 billion (approximately USD 30.5 billion) since September alone, a further GBP 100 billion (approximately USD 127 billion) of private investment is expected for the UK's energy transition by 2030.
It said that these investments have raised Britain's renewables capacity in electricity from 7% in 2010 to over 40% today, which is considered the second largest renewables capacity in Europe. (end)
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