The Big Plan: Net Zero by 2050
The UK is the first major economy to commit in law to net zero by 2050. As the host of the historic UN COP26 climate summit, the UK is leading international efforts and setting the bar for countries worldwide to follow.
The new Net Zero Strategy, announced in October, sets out how the UK will deliver on its commitment to reach net zero emissions by 2050.
It outlines measures to help businesses and consumers to move to clean power and reduce Britain’s reliance on imported fossil fuels.
Prime Minister Boris Johnson said:
“By moving first and taking bold action, we will build a defining competitive edge in electric vehicles, offshore wind, carbon capture technology and more, whilst supporting people and businesses along the way.”
So, what does this strategy aim to do?
The plan is to unlock up to £90 billion of private investment and support 440,000 well-paid jobs in green industries, all by 2030.
The focus is on supporting the UK in gaining a competitive edge in the latest low carbon technologies – from heat pumps to electric vehicles – and developing green industries.
The ultimate vision is for a decarbonised economy in 2050.
It all starts with investment…
The new investment included in this net zero strategy includes:
Electric vehicles - an extra £350 million of our up to £1 billion commitment to support the electrification of UK vehicles and their supply chains and another £620 million for targeted electric vehicle grants and infrastructure
Sustainable Aviation Fuel (SAF) - supporting UK industry with £180 million in funding to support the development of UK SAF plants
Industrial Carbon Capture - £140 million Industrial and Hydrogen Revenue Support scheme to accelerate industrial carbon capture and hydrogen
Industrial Heartlands - £1 billion in support for Teesside and the Humber and revitalising industries in the North Sea
Green Technologies - £500 million towards innovation projects to develop the green technologies of the future
Decarbonising Heat and Buildings - £3.9 billion of new funding for decarbonising heat and buildings, making them warmer, cheaper to heat and cleaner to run
Nuclear Projects - £120 million towards the development of nuclear projects through the Future Nuclear Enabling Fund
Business and Energy Secretary Kwasi Kwarteng said:
“This 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.”