UK Government, industry to invest over 1.1 billion GBP in maritime sector

The UK Government and industry are planning to jointly invest over 1.1 billion pounds ($1.5 billion) in the maritime sector, the UK Government said on Monday.

The investment will unlock growth and jobs in coastal communities across the UK, the government said, including in the engineering, "green technology" and construction sectors.

The funding includes 700 million pounds of private investment in major UK ports and 448 million pounds of public investment to reduce emissions from UK shipping.

It will be formally announced on September 15, the first day of London International Shipping Week.

"We're committing almost half a billion to cut carbon emissions from shipping - steering us towards net zero by 2050," said UK Transport Minister Heidi Alexander.

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Tom Hogue)