The UK Government unveiled its Energy White Paper on Monday (14 December) detailing how they will deliver decarbonised energy in the 2030s, in order to firmly set themselves up to reach net-zero by 2050. The White Paper builds on the Prime Minister’s ‘Ten Point Plan for a Green Industrial Revolution’ by outlining how the nation plans to transform its transport, infrastructure and energy systems, to support the drive for net-zero. The key points addressed by the 166-page paper include a national Emissions Trading Scheme, funding for nuclear energy, funding for carbon capture technologies, diversification of clean energy and decarbonisation support for sectors reliant on fossil fuels.
The Energy White Paper details how an overhaul to transport, energy and infrastructure will deliver decarbonised energy in the 2030s. The paper builds on the Boris Johnson’s ‘Ten Point Plan for a Green Industrial Revolution’ by outlining how the nation plans to transform its energy systems.
It outlines further plans for a national Emissions Trading Scheme, which sets a cap on the total amount of greenhouse gases that can be emitted by energy-intensive industries.
Funding has been ringfenced in the paper for nuclear power with a range of financing options set to be explored, including the Regulated Asset Base (RAB) funding model, which could help secure private investment.
£1bn in funding has also been earmarked for carbon capture storage technologies, which are going to be introduced at four industrial clusters by 2030.
According to the paper a new £240m net-zero Hydrogen Fund will be established to address concerns that hydrogen isn’t in alignment with the requirements of the net-zero transition.
The paper also alludes to decarbonisation support for sectors and regions who currently rely on fossil fuel production, but the specifics of that support aren’t yet laid out.
Reaching net zero is a challenge but with the right support and advice, can present your business with a range of commercially and operationally beneficial opportunities. Energy & Carbon Management (E&CM) is one of the UK’s longest established and leading independent utility consultancies specialising in the procurement and management of energy, water and carbon services. For more information, talk to us today on 0330 166 4444 or email [email protected]