Hot on the heels of the new Heating and Buildings Strategy the government has announced details of the much awaited Net Zero Strategy, reaffirming its commitment to reach net zero by 2050. Below we reveal five of its key takeaways.
1. More cash for clean energy transition
The government has revealed that the strategy will help businesses and consumers to move to clean power, unlocking "up to £90 billion of private investment by 2030". Details of how exactly this will be leveraged don't appear to be fully outlined, but the aformentioned figure is also being earmarked to "support 440,000 well-paid jobs in green industries in 2030".
2. Industrial carbon capture and hydrogen on the top of the agenda
Another multi-million pound cash injection, this time £140 million ploughed into a Industrial and Hydrogen Revenue Support scheme, designed to accelerate industrial carbon capture and hydrogen. Two carbon capture clusters – Hynet Cluster in North West England and
North Wales and the East Coast Cluster in Teesside and the Humber
– is set to put the UK at the "forefront of this technology" during the next decade.
3. Nature for Climate Fund boosted
The Nature for Climate Fund – centering on tree-planting and woodland restoration – will receive an extra £124 million, designed to support the government's commitment to:
- restore approximately 280,000 hectares of peat in England
- treble woodland creation in England to meet the commitments to create at least 30,000 hectares of woodland per year across the UK by
the end of this parliament
4. Nuclear supporting UK's decarbonisation path
Through the Future Nuclear Enabling Fund £120 million will be available towards the development of nuclear projects, which, according to the strategy, has the potential to support the UK's path to decarbonise the electricity system fifteen years earlier from 2050 to 2035.
5. Development of green technologies supported
An additional £500 million towards innovation projects to develop the green
technologies of the future, supporting
most "pioneering ideas and technologies" to decarbonise our homes,
industries, land and power. The above figure brings the
total funding for net zero
research and innovation to at least £1.5 billion.
Summing up the government's hopes for the strategy, Environment Secretary George Eustice said:
"Today’s plans set the UK on a clear path to net zero by 2050 and demonstrate how we will harness the power of nature to get there.
"As well as restoring and protecting peatlands and increasing tree planting, we are determined to grow towards a net zero economy. Whether it’s funding to help farmers decarbonise or support to deliver a circular economy to cut down on waste, we will support sectors to adapt."
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