NEW funds to support low carbon and business innovation announced in Wednesday's budget will benefit the East of England's "renewables revolution", according the East of England Development Agency (EEDA). EEDA chair Richard Ellis welcomed the emphasis on finance support and help for small businesses, a boost for the renewable energy sector and support for young people to secure training and jobs. He said: "The East of England is well placed to capitalise on the new funds available to support low carbon growth and business innovation. The Chancellor has committed an additional \u00A32.5billion to help innovative small businesses start-up and grow. "With over half a million VAT-registered businesses operating in this region, we will be looking to bring a sizeable share of this funding to the East of England. "The announcement of a new Green Investment Bank, coupled with new funding to develop ports to host manufacturers of offshore wind turbines, is fantastic news for the region. We are absolutely at the heart of the renewables revolution." Mr Ellis highlighted the construction of the Greater Gabbard wind farm off the coast of Suffolk, which will be the largest in the world when complete, as an example of the East's commitment to green energy. He added: "We have the skills, the ambition and technologies to capitalise on new opportunities in future growth sectors that we are leaders in, such as digital, bio sciences, plastic electronics, micro-nanotechnology and offshore wind sectors. Helping young people to develop their skills and secure training and jobs is key to our economic success. "EEDA already supports over 100,000 businesses every year with \u00A330 million of business support, skills and innovation funding available through our innovative Business Map. As a business-led organisation we've been working hard with business leaders in the East of England and government to make the case for extra support for small businesses and today's announcements will help us build upon this work.