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Britain's Octopus Energy to invest $20 billion globally in offshore wind by 2030

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece in Reuters or enjoy below 

🗞️ Driving the news: Octopus Energy Generation, a green energy investor, plans to direct $20 billion towards offshore wind energy by 2030, aiming to bolster energy security and diminish dependence on fossil fuels

🔭 The context: This pledge follows Vattenfall's recent suspension of its UK-based Norfolk Boreas offshore wind project, citing escalating costs 
• The Swedish power company cautioned that, without improved incentives, the UK could struggle to achieve its wind energy objectives

🌎 Why does it matter for the planet: Projected to produce 12 gigawatts (GW) of green electricity each year, Octopus Energy Generation's investment could supply power to 10 million households
• This step mirrors the worldwide push towards green energy, a vital measure in battling climate change and reaching net-zero emissions

⏭️ What's next: Octopus plans to target projects globally, particularly in Europe
• The firm first entered the offshore wind farm market last year and has since executed five offshore deals, amounting to a total investment of $1 billion

💬 One quote: "Offshore wind has already rapidly transformed the UK's energy system and we're incredibly excited about the potential for this technology globally" (Zoisa North-Bond, CEO of Octopus Energy Generation)

📈 One stat: Currently, Octopus Energy Generation manages $7.7 billion worth of green energy projects globally
• With the proposed $20 billion investment, the company is set to significantly expand its green energy portfolio

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