UK's New Net Zero Growth Plan
- Posted By: Francis Akinola
- Posted on: 2023-04-04
Last week, the UK government outlined its Net Zero plan, a strategy which complements its Green Revolution agenda with plans to scale up affordable, clean, homegrown power, and build a thriving green economy.
Here, we summarise the main areas and cost highlights of the UK government’s Net zero plans so, you can put your money where your mouth is:
- Carbon Capture:With an ambition to be a world-leading Carbon Capture Usage and Storage nation a £20 billion CCUS funding has been put in place.
- Offshore Wind: £160 million fund has been established to support port infrastructure projects investment into the UK’s emerging floating offshore wind industry.
- Great British Nuclear (GBN): GBN will launch new competition to select the best Small Modular Reactor technologies for development by Autumn and is posed to support a quarter of UK’s energy demand.
- Hydrogen Power: £240 million Net Zero Hydrogen Fund available to kickstart a Hydrogen economy.
- Renewable Electricity: Initial budget of £205 million has been put in place to incentivize and accelerate the deployment of investments in renewable electricity.
- Renewable Infrastructure: £160 million to kick start investment in renewable infrastructure projects.
- Household Energy Efficiency Programme: £1 billion energy efficiency programme running from Spring until March 2026 – contributing towards the government’s target to reduce energy demand by 15 percent by 2030.
- Heat Pump: £30 million Heat Pump Investment Accelerator to leverage £270 million private investment to supply heat pumps in the UK.
9. Boiler Upgrade Scheme: Grant of up to £5,000 for households to purchase heat pump.
10. Reducing electricity bills: Plans to speed up electrification for households and businesses and rebalance gas and electricity costs to make electricity bills cheaper and