Although most of the attention has been focused on the ban on petrol and diesel cars, the government's plan also reaffirms the commitment to quadruple offshore wind power by 2030, moves to boost hydrogen production, investment towards new nuclear power and carbon capture initiatives and a pledge to make London " the global centre of green finance".
The Government is keen to show off its commitment to tackle Climate Change as the UK is hosting the COP26 in Glasgow next year. The plan pledges £12billion and expects industry to deliver three times as much investment, creating up to 250,000 high skilled jobs by 2030. It has had a mixed reception, gaining praise from some environmental groups and experts, but also questions about whether the Government funding will be enough to create the necessary push for business to deliver the level of investment projected in the Plan.
Offshore wind is at the centre of the plan with a commitment to generate 40GW by 2030 and support to further develop the wind manufacturing sector underpinned by an investment of £160 million into modern ports and manufacturing infrastructure.
The Government is committed to pursue , such Hinkley Point C in Somerset, is shown as an example of the large-scale new nuclear projects that the Government is keen to pursue. Alongside, they are setting up an Advanced Nuclear Fund, with up to £385m for the development of Small Modular Reactors.
The Government is keen to develop is carbon capture, usage and storage (CCUS). Point 8 of the Plan pledges up to £1 billion investment to support the creation of (CCUS) in four industrial clusters in areas such as the North East, the Humber, North West, Scotland and Wales.
The plan is a shopping list of initiatives to bring the UK to the forefront of the Green Industrial Revolution but it lacks substance, which is supposed to follow in a number of white papers and further policy announcements expected over the few months. All in all, it means that the real game shall be in the details that will shape the industry in the coming decades. Energy Comms is well placed to monitor these developments, keep watching for our regular updates. If you would like a more in-depth analysis of how these policies will affect your business
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