Over £1.1 billion announced for UK coastal towns and cities

The joint government and industry investment comes to mark the beginning of London International Shipping Week.

Coastal towns across the UK are set to benefit from an influx of funding which the government have said ‘will turbocharge growth, innovation and jobs across the country.’

The funding includes £700m in private investment for major UK ports and £448m in government support to reduce emissions from UK shipping.

Announced on the first day of London International Shipping Week (15^th September), the money will boost with government’s UK SHORE programme – an initiative that was first launched in 2022 to support the development of new clean maritime technologies and fuels.

Commenting on the announcement, transport secretary Heidi Alexander, said the money ‘will supercharge growth and jobs in our coastal towns and cities – making the UK one of the best places in the world to invest.’

‘We’re committing almost half a billion to cut carbon emissions from shipping – steering us towards net zero by 2050 and cementing Britain’s place as a clean energy superpower through our Plan for Change,’ Alexander continued.

On the subject of creating more job opportunities, the government have been working to facilitate greater investment in UK ports. As such, Peel Ports announced £300m for its Liverpool Hunterston and Great Yarmouth ports.

What’s more, NatPower Marine has unveiled £250m for shore side power, which is estimated to support over 2,000 jobs in construction, engineering and green technology services.

‘Peel Ports Group has invested £1.5bn over the past decade, future-proofing our operations, strengthening vital supply chains and creating hundreds of jobs across the regions where we operate,’ Claudio Veritiero, CEO of Peel Ports Group, said. ‘Looking ahead, we plan to invest a further £1bn over the next five years, with projects already underway that include new port-centric warehousing, steel and metals facilities and major upgrades at key ports.

‘These developments underline our long-term commitment to building capacity and efficiency across our network, while supporting growth and productivity in the wider UK economy.’

Currently the new funding, which was announced yesterday, hasn’t been allocated to specific projects yet, though this is set to be announced in due course.  

Photo by Shunya Koide via UnSplash