Powering up Britain: the UK’s journey to meeting its net zero targets and boost energy independence
Secretary of State for Energy Security and Net Zero, Grant Shapps has unveiled a new plan for the UK’s journey to meeting its net zero targets and boost energy independence.
James Hardy, our UK Director of Net Zero, reflects on the strategy, saying that:
“The government has been faced with the unenviable task of setting out the nation’s overall path to net zero. Today, the Government published a response to all of the 129 policy recommendations made in Chris Skidmore’s Independent Net Zero Review, fulfilling a statutory obligation to respond to the Climate Change Committee."
While the overarching nature of the strategy is welcome, we need more detail on how the UK closes the gap in policy and funding to move it closer to meeting its legally binding carbon targets."
"The approach to net zero has too long felt piecemeal, with pockets of good new funding and exciting schemes, but little overarching strategy to draw it together. Today’s announcements mostly summarise the government’s existing pledges and projects, but the move to bring them together, supported by a new dedicated Department for Energy Security and Net Zero, goes some way to responding to the calls for joined-up thinking in Chris Skidmore’s recent review."
"This approach was underlined by the commitment to Great British Nuclear as a coordinating delivery body, and a promise to use that model as an example for other green sectors too."
We were not expecting new funding following the recent Budget, and it is positive that growing sectors like Carbon Capture and Storage and green hydrogen are receiving the investment they need, as well as a renewed approach to private green finance.
"In addition, innovative programmes that have yet to be proven such as small modular reactors and floating wind power will be driven forward by new competitions. However, these investments are unlikely to increase our energy security and reduce bills overnight."
“Perhaps the most quietly bold policy announced is the consultation on carbon border taxes. Charging for goods’ and materials’ carbon footprint from overseas would radically reshape the global supply chain, and potentially boost domestic manufacture and local skills, but we will need to see the full detail on this as it emerges."
The main question we’ll all be asking is how industry and Government can come together to keep this strategy evolving. We need commitments as well as competitions.
"There is more to be done to move beyond a policy summary towards offering more long-term clarity and future funding milestones – this will give the sector the additional confidence they need to deliver green investment, build skills and capacity, and develop innovative technologies that will transform the UK and protect the planet.”
The full report can be read here.
