LONDON, June 12 (UPI) -- British Energy Minister Michael Fallon said Wednesday the creation of an offshore wind investment center would boost renewable energy ambitions.
Fallon said Wednesday the government created an Offshore Wind Investment Organization to encourage the level of domestic investments in the renewable energy sector.
The British government this year said it was already giving offshore wind energy $3.4 million to drive down costs.
The government said wind energy would help advance a low-carbon economy, adding support for innovation would help the country cut the costs of offshore wind 25 percent by 2020.
"Offshore wind is a major success story for the U.K., and we want to boost levels of inward investment," Fallon said in a statement. "This will be an important part of our industrial strategy for the sector later this year, and we are creating the Offshore Wind Investment Organization to drive that activity."
Fallon said the organization would back three separate wind technology projects with a combined $3.1 million in investments.
The British government is committed to a goal of having 30 percent of the country's electricity generated by combined renewable resources by 2020.