LONDON: Britain will offer record support for new offshore wind farms in an upcoming auction after the process failed to attract bidders for the technology last year.

       The government set a budget of just over ￡1bil (US$1.3bil) for renewable energy, with ￡800mil a year to support the next generation of offshore wind farms, according to a budget document that confirmed an earlier Bloomberg report.

       The total is three times bigger than any previous support packages.

       The record amount is the latest sign that governments realise they need to do more to support an industry they consider vital to combatting climate change.

       Offshore wind developers, including Orsted A/S, have struggled in recent years amid soaring interest rates and supply-chain snarls.

       This had resulted in cancelled UK and US projects.

       Britain has led the world in subsidising offshore wind to help the industry scale up and cut costs.

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       REDEFINING PATIENT CARE THROUGH ADVANCED TECHNOLOGICAL INNOVATION

       The nation plans to triple capacity by decade’s end to cut carbon emissions and increase energy security. — Bloomberg