New investments announced for Net Zero Strategy

What is the Net Zero Strategy?

The Net Zero Strategy is a plan which details how the UK will deliver on its commitment to reach net zero emissions by 2050. The Strategy outlines what measures are required for the UK to transition to a green and sustainable future.

What are the Net Zero Strategy targets?

The Net Zero Strategy hopes to:

  • Help businesses and consumers to move to clean power,
  • Support 440,000 jobs in green industries in 2030,
  • Leverage up to £90 billion of private investment by 2030,
  • Reduce Britain’s reliance on imported fossil fuels, and,
  • Protect consumers from global price spikes.

What are the new Net Zero Strategy investment announcements?

Government has recently announced new investments as part of the Net Zero Strategy which includes the following:

  • An extra £350 million of Government’s £1 billion commitment to support the electrification of UK vehicles and their supply chains
  • An extra £620 million for targeted electric vehicle grants and infrastructure
  • A commercialisation of sustainable aviation fuel (SAF) made from sustainable materials which will help toward the ambition of delivery of 10% SAF by 2030
  • £180 million for UK industry in funding to support the development of UK SAF plants
  • £140 million Industrial and Hydrogen Revenue Support scheme
  • An extra £500 million towards innovation projects to develop the green technologies of the future, bringing the total funding for net zero research and innovation to at least £1.5 billion
  • £3.9 billion of new funding for decarbonising heat and buildings, including the new £450 million 3-year Boiler Upgrade Scheme
  • £124 million boost to the Nature for Climate Fund
  • £120 million towards the development of nuclear projects through the Future Nuclear Enabling Fund

To read more about the Net Zero Strategy and the recent announcements, please click here.

Net Zero Review

Along with the new investment announcements, Government has also recently published the Net Zero Review. The Net Zero Review is an analytical report that explores the key issues as the UK decarbonises.

The Review takes an in-depth look at where Net Zero opportunities could arise and what factors need to be considered when designing a decarbonisation policy.

To read the Net Zero review, please click here.

People vector created by rawpixel.com – www.freepik.com