A landmark net zero strategy setting out how the UK will secure 440,000 well-paid jobs and unlock £90 billion in investment in 2030 on its path to ending its contribution to climate change by 2050 has been unveiled by the UK government.
Building on the Prime Minister’s 10 Point Plan, the UK Net Zero Strategy sets out a comprehensive, economy-wide plan for how British businesses and consumers will be supported in making the transition to clean energy and green technology – lowering Britain’s reliance on fossil fuels by investing in sustainable clean energy in the UK, reducing the risk of high and volatile prices in the future and strengthening energy security.
The commitments made will unlock up to £90 billion of private investment by 2030, and support 440,000 well-paid jobs in green industries in 2030.
This will provide certainty to businesses to support the UK in gaining a competitive edge in the latest low carbon technologies – from heat pumps to electric vehicles – and in developing thriving green industries in our industrial heartlands from carbon capture to hydrogen, backed by new funding.
As part of the strategy, new investment announced today includes:
- An extra £350 million to support the electrification of UK vehicles and their supply chains and another £620 million for targeted electric vehicle grants and infrastructure
- Work to kick-start the commercialisation of sustainable aviation fuel (SAF) made from sustainable materials such as everyday household waste, flue gases from industry, carbon captured from the atmosphere and excess electricity, which produce over 70% fewer carbon emissions than traditional jet fuel on a lifecycle basis
- £140 million Industrial and Hydrogen Revenue Support scheme to accelerate industrial carbon capture and hydrogen, bridging the gap between industrial energy costs from gas and hydrogen and helping green hydrogen projects get off the ground
- 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, so homes and buildings are warmer, cheaper to heat and cleaner to run
- £124 million boost to our Nature for Climate Fund helping us towards meeting our commitments to restore approximately 280,000 hectares of peat in England by 2050 and treble woodland creation in England to meet our commitments to create at least 30,000 hectares of woodland per year across the UK by the end of this parliament
- £120 million towards the development of nuclear projects through the Future Nuclear Enabling Fund
The policies and spending brought forward in the Net Zero Strategy mean that since the Ten Point Plan, we have mobilised £26 billion of government capital investment for the green industrial revolution.
Through energy efficiency measures, falling costs of renewables and more, the measures in the strategy also mean people’s energy bills will be lower by 2024 than if no action was taken particularly as gas prices rise.
Prime Minister Boris Johnson said:
The UK’s path to ending our contribution to climate change will be paved with well-paid jobs, billions in investment and thriving green industries – powering our green industrial revolution across the country.
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.
With the major climate summit COP26 just around the corner, our strategy sets the example for other countries to build back greener too as we lead the charge towards global net zero.
Both the Net Zero and Heat and Building Strategies build on the Prime Minister’s Ten Point Plan in November 2020 which laid the foundations for a green industrial revolution, kick-starting billions of pounds of investment in new and green industries to help level up the country.
To date, the UK has decarbonised faster than any other G7 country.
Read the full press release.