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LONDON (Reuters) - Britain will invest 20 million pounds ($27 million) a year in tidal power via its renewable energy auction scheme, it said on Wednesday, part of a drive to produce all of its electricity from renewable sources by 2035 and cut carbon emissions.
Britain, which hosted the COP26 climate conference this month, has committed to cut carbon emissions by 78% by 2035 in what the government says is the world's most ambitious climate change target and would put the country on track to become a net zero emissions producer by 2050.
The move will offer a cash boost for marine technologies in the sector that could generate 20% of the country’s electricity, the government said.
It will be done through the Contracts for Difference (CfD) scheme, the government's main method for encouraging investment in low-carbon power. Qualifying projects are guaranteed a minimum price at which they can sell electricity, and renewable power generators bid for CfD contracts in auctions.
In 2020, the government said it would double the capacity of renewable energy projects eligible for support in its next round of subsidy auctions.
($1 = 0.7487 pounds)
(Reporting by Marwa Rashad; Editing by Mark Potter)