· The Conservative Government have launched an ambitious multi-billion-pound investment plan to scale up affordable, clean, homegrown power in Britain.
· The announcement confirms the next generation of British nuclear, a world-leading commitment to Carbon Capture, Utilisation and Storage and the hydrogen economy and reduction in household bills by increasing energy efficiency.
· The plan will create a more secure, cheaper energy system that will grow the economy, bring bills down and create almost 500,000 new green jobs by 2030.
Greg Hands MP has welcomed the new plan announced by the Conservative Government which will bolster the UK’s energy supply, cut emissions, and reduce household bills in Chelsea and Fulham.
Since 2010, the UK has seen £198 billion of investment into low carbon energy, through a mixture of government funding, private investment and levies on consumer bills. Going forward it is anticipated around £100 billion of private investment will be directed into the UK’s energy revolution.
The UK has also broken numerous records in generating renewable electricity, leading the world in offshore wind – the UK is now in prime position to export its world leading expertise.
These measures go further to secure the UK’s energy security by investing in new British nuclear power; carbon capture, utilisation and storage and the emerging floating offshore wind industry.
The next generation of British nuclear power will be backed by Great British Nuclear, the Small Modular Reactor competition and the £120 million Nuclear Enabling Fund. The Conservative’s commitment to nuclear power means every single nuclear reactor currently operational in the UK was given permission under the Conservative Party.
The Conservative Government will also bolster the UK’s energy storage with a world leading commitment to carbon capture, utilisation and storage. The Government will support eight projects backed by £20 billion of funding, securing up to 50,000 jobs.
The package of measures will levy vital investment to our clean energy sector to ensure our path to net zero creates new jobs and cuts bills for families.
Commenting, Greg Hands MP said:
“The UK is a global leader in tackling climate change, and Putin’s chokehold over Europe’s energy supply has made it clear we need to turbocharge our efforts to enhance our energy security.
I am delighted the Conservative Government have doubled down on these efforts backing new nuclear, new wind power technology and new hydrogen power in the UK.
This will not only put us on a clear path to clean, secure energy but mean families in Chelsea and Fulham do not pay the price for expensive, volatile fossil fuels.”
Commenting, Prime Minister Rishi Sunak said:
“When global energy supplies are disrupted and weaponised by the likes of Putin, we have seen household bills soar and economic growth slow around the world.
We have stepped in to shield people from its worst impacts by helping to pay around half the typical energy bill. But we are also stepping up to power Britain and ensure our energy security in the long term with more affordable, clean energy from Britain, so we can drive down energy prices and grow our economy.
That's why we're driving forward plans to boost renewables, revive nuclear and build new thriving industries like carbon capture, which will in turn create good jobs across the country, provide new opportunities for British businesses at home and abroad, and maintain our world-leading action to reach net zero.”
Commenting, Energy Security Secretary Grant Shapps said:
“We have seen over the past year what can happen when global energy supplies are disrupted, and a tyrant like Putin uses energy as a weapon.
Access to cheap, abundant and reliable energy provides the foundation of a thriving economy with our homes and businesses relying on it to deliver our future prosperity.
Following our unprecedented cost of living support this Winter, which continues, this plan now sets out how we fix this problem in the long term to deliver wholesale UK electricity prices that rank amongst the cheapest in Europe, as we export our green growth expertise to the world.”
Commenting, Chancellor of the Exchequer Jeremy Hunt said:
“Transforming our energy system is no longer just about tackling climate change, it is also a matter of national security. To protect ourselves from future price spikes, we need to accelerate the move to cleaner, cheaper, home-grown energy.
By unlocking billions of pounds of private capital through our Green Finance Strategy, we generate more of the energy we need in Britain and create new industries and jobs that are built to last.”
ENDS
