Powering Up Britain: Net Zero Growth Plan
Today, 30 March 2023, Government published their Powering Up Britain: Net Zero Growth Plan.
The Government has identified that delivering net zero will require a step change in the rate of new technologies being developed, deployed to market and adopted by businesses and consumers. The global market opportunity for UK companies from net zero could reach a cumulative £1 trillion to 2030 and supporting innovation could help unlock up to 300,000 jobs and new commercial opportunities in both exports and domestic industries across all parts of the UK.
This plan:
- responds to the expert recommendations made in the Independent Review of Net Zero, chaired by Chris Skidmore MP
- sets out the actions we will take to ensure the UK remains a leader in the net zero transition, by ensuring we drive investment into key green industries like offshore wind, CCUS, and nuclear
- acts as our annual update against the Net Zero Strategy, both on a national and local level
- responds to the Climate Change Committee’s (CCC) Annual Progress Report in 2022
- sets out the package of policies and proposals that will help us to meet carbon budgets up to carbon budget 6 in 2037
Key commitments:
- Offshore wind – We currently have the world’s largest operational offshore wind farm project, Hornsea 2, and the second, third and fourth largest operational offshore wind farm projects in the world. Our innovative policy instruments like the CfD scheme make the UK a world leader in offshore wind.
- Nuclear – Nuclear energy has been used reliably and safely in the UK for over 60 years and we have extensive experience of the full nuclear life cycle, from front-end design through to decommissioning. One of the world’s most advanced nuclear technologies is being developed here in the UK, with up to £210 million awarded to Rolls-Royce SMR Ltd in November 2021 to develop further their design for one of the world’s first Small Modular Reactors (SMRs). We are matching the global competition and scaling-up our nuclear programme by having launched GBN, responsible for driving delivery of new nuclear projects, backed with the funding it needs.
- CCUS – The UK has one of the greatest CO2 storage potentials of any country in the world, the UK Continental Shelf, with potential storage capacity estimated at 78 billion tonnes providing substantial opportunities for growth through international trade.9 The Government will provide up to £20 billion of funding for early deployment of CCUS to unlock private investment and jobs.
- Hydrogen – The UK’s natural assets and technical expertise means we can be an early mover in both electrolytic ‘green’ hydrogen and CCUS-enabled ‘blue’ hydrogen production.
- Green Finance – Behind every new net zero investment, sits a team of financial, legal, data and accountancy experts, presenting a huge opportunity for the UK financial sector and professional services. The UK’s financial sector is already leads in green project financing and investment analytics. We set out how we will capture this opportunity in the 2023 Green Finance Strategy.
Digital Technology:
- The document identifies that government has delivered on the Smart Systems and Flexibility Plan and Energy Digitalisation Strategy.
- The government has published an action plan in February 2023 to improve the Nationally Significant Infrastructure Project planning process, including regulatory and guidance changes to streamline the process, support digital transformation and address capacity shortfalls that can slow the process down.
Upcoming milestones:
- Launch a digital energy advice service for small businesses this year to give impartial, trusted advice on improving non-domestic energy efficiency, reducing their energy use and bills. We will also be piloting a new audit and grant scheme this year enabling small businesses to move from insight to implementation of energy efficiency measures.
- Enhance the consumer energy advice service by launching a digital eligibility checker for government funding and a series of pilots for in-person consumer advice across five regional Net Zero hubs in England.
Members are invited to join a member call 11am on 4 April and please email [email protected] to find out more. To get involved with our work on climate please visit our Climate Action Hub.
Teodora Kaneva
Teodora’s rich background varies from working in business development for a renewable energy lobbying association in Brussels to the fast moving technology innovation startup scene in the UK.
