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It has also pledged to source 100% of its electricity from renewable energy sources by 2030.

The facility. which it plans to install off the coast of Virginia by 2026. would be made up of 220 turbines.

The package consists of 1.600MW of agreements. including 18 new energy deals. which together will boost its worldwide portfolio of wind and solar power by more than 40%.

The firm will use GE’s new Haliade-X 12MW turbines to power its Skipjack and Ocean Wind projects based off the US coast.

With projects set to be delivered for as low as £39.65 MWh. around 30% lower than the second auction held in 2017. the auction has caused a stir amongst the sector.

A total of 32 winners will share the funding for projects including carbon capture. utilisation and storage and steam turbine efficiency.

The OECD claims 70% of energy-related carbon dioxide emissions from advanced and emerging economies are completely untaxed.

The Energy Information Administration forecasts power production from wind turbines will rise by 6% in 2019 and 14% next year.

PwC suggests greater consumption of fossil fuels increased total emissions by 2% in 2018. marking the fastest rise in emissions in seven years.

The leasing scheme will enable the development of electricity generation capacity that is enough to meet the needs of more than six million homes.