The Government has today outlined ambitious plans to scale up affordable and clean homegrown power, and to build thriving green industries in Britain. This will boost the country’s energy security and independence, and reduce household bills for the long term, all whilst maintaining a world-leading position in achieving net zero emissions.
After decades of reliance on importing expensive, foreign fossil fuels, the Government is delivering a radical shift in our energy system towards cleaner, more affordable energy sources. In doing so, we deliver on the Prime Minister’s promise to:
- grow the economy across the country, supporting almost half a million new green jobs by 2030
- create a strategic advantage in new clean industries
- generate opportunities for UK businesses to export their expertise around the world
Building on decisive government action taken since 2021, measures announced today include:
- Carbon Capture Usage and Storage – The first projects will be announced to progress to the next stage of the negotiations to rollout the first Carbon Capture clusters in our industrial heartlands. These announcements build on the £20 billion CCUS funding
- Kickstarting investment into the UK’s emerging floating offshore wind industry by launching the £160 million fund to support port infrastructure projects, securing the UK’s leadership in this new technology
- Backing the first tranche of new green hydrogen production projects under the £240 million Net Zero Hydrogen Fund as part of development of this new power source
- Opening the fifth round of the UK’s world-leading scheme to incentivise investment in renewable electricity, backed by a budget of £205 million
- Announcing Great British Nuclear, with GBN’s first job to launch a new competition to select the best Small Modular Reactor technologies – one of the most advanced nuclear power technologies in the world – for development by Autumn
- Streamlining planning processes to attract investment – reforming the planning process to enable the building of more energy infrastructure including solar power and offshore wind projects more quickly
- Cutting household bills by expanding Government energy efficiency support to even more households - The Great British Insulation Scheme will upgrade 300,000 of the country’s least energy efficient homes
- Investing over £380 million into boosting EV charging points and infrastructure across the country to support the rollout of electric vehicles
- Reducing our reliance on fossil fuels to heat our buildings – a new £30 million Heat Pump Investment Accelerator is designed to leverage £270 million private investment to boost manufacturing and supply of heat pumps in the UK. The Boiler Upgrade Scheme, which offers a £5,000 grant to anyone buying a heat pump, will be extended to 2028
- Providing UK Export Finance with an extra £10 billion capacity to boost exports, including from the UK’s world leading clean growth sectors
- Building a stable environment for businesses to invest and grow in the transition to electric vehicles and sustainable aviation fuel
These measures will drive green growth at home and abroad, and see British businesses set the standard for a clean, secure, and prosperous future.
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