The Government has this week published both a Net Zero strategy and Heat and Buildings strategy.
The Net Zero Strategy sets out how the UK will deliver on its commitment to reach net zero emissions by 2050.
It sets out how the UK will secure 440,000 well-paid jobs and unlock £90 billion in investment in 2030 on its path to ending its contribution to climate change by 2050 has been unveiled by the UK government today (19 October).
Building on the Prime Minister’s 10 Point Plan, today’s UK Net Zero Strategy sets out a comprehensive economy-wide plan for how British businesses and consumers will be supported in making the transition to clean energy and green technology – lowering the Britain’s reliance on fossil fuels by investing in sustainable clean energy in the UK, reducing the risk of high and volatile prices in the future, and strengthening our energy security.
The commitments made will unlock up to £90 billion of private investment by 2030, and support 440,000 well-paid jobs in green industries in 2030. This will provide certainty to businesses to support the UK in gaining a competitive edge in the latest low carbon technologies – from heat pumps to electric vehicles – and in developing thriving green industries in our industrial heartlands – from carbon capture to hydrogen, backed by new funding..
Provisions announced in the Net Zero Strategy include:
- £620 million for zero-emission vehicles and a further £350 million will be invested into the Automotive Transport Fund
- £14 billion in public/private investment to deliver four industrial clusters
- An additional £124 million into the Nature for Climate Fund
- £140 million into hydrogen and carbon capture clusters
The Heat and Building strategy includes £3.9 billion of new funding to decarbonise heat and buildings.
This commitment will support the delivery of the Government’s plan for all new heating systems installed in UK homes from 2035 to be low carbon and drive down the emissions of public sector buildings by 75% against the 2017 baseline.
Funding announcements include:
- £5,000 government grants through £450 million Boiler Upgrade Scheme to help install low-carbon heating systems in domestic buildings
- A £60 million innovation fund launched to make clean heat systems smaller, easier to install, and cheaper to run
Both the Net Zero and Heat and Building Strategies build on the Prime Minister’s Ten Point Plan announced in November 2020 which laid the foundations for a green industrial revolution, kick-starting billions of pounds of investment in new and green industries to help level up the country. To date, the UK has decarbonised faster than any other G7 country.
Business and Energy Secretary Kwasi Kwarteng said:
“There is a global race to develop new green technology, kick-start new industries and attract private investment. The countries that capture the benefits of this global green industrial revolution will enjoy unrivalled growth and prosperity for decades to come – and it’s our job to ensure the UK is fighting fit.
“Today’s plan will not only unlock billions of pounds of investment to boost the UK’s competitive advantage in green technologies, but will create thousands of jobs in new, future-proof industries – clearly demonstrating that going green and economic growth go hand in hand.”