Powering Up Britain: Multi-Billion Pound Investment In Energy Revolution Unveiled
Last week, the Department for Energy Security and Net Zero unveiled a plan to strengthen Britain’s long-term energy security and independence to “help deliver a clean, prosperous future for the country.” The UK plans to scale up affordable, clean, homegrown power and build thriving green industries, boosting the country’s energy security and independence, and in the process reduce household bills for the long term and maintain what it calls a world-leading position in achieving net zero.
The first job for Great British Nuclear will be launching a competition to select the best Small Modular Reactor technologies for development – smaller nuclear plants based on the latest technology – by autumn.Funding awards to new hydrogen projects across the across the country, from the £240 million Net Zero Hydrogen Fund, to kickstart this sector in the UK. A shortlist of 20 projects to take to the next stage in the first electrolytic hydrogen allocation round.
An update to the Green Finance Strategy will mobilize the billions of private investment needed for net zero and nature recovery.
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