Government unveils investment in future energy technologies
The government today launched a £375m package of support for developing energy technologies that will power Britain in future decades and strengthen the nation’s energy security.
This includes £240m to support the production of hydrogen as a fuel for industry, £2.5m to develop nuclear technology and a further £5m towards research into carbon capture.
The investment will support research, development and deployment of these technologies and reduce reliance on fossil fuels in the UK.
Yesterday’s Energy Security Strategy, unveiled by the Prime Minister, sets out how the deployment of wind, new nuclear, solar and hydrogen will be accelerated in Britain.
Business and Energy Secretary Kwasi Kwarteng said: ‘This investment will unlock the enormous potential of hydrogen fuel, advanced nuclear reactors and Carbon Capture to level up the UK energy landscape and deliver for businesses and households.
‘High gas prices and Russia’s aggression in Ukraine have highlighted the urgent need to produce more of our energy here in the UK. That’s why we have set out bold plans to harness clean, cutting-edge, homegrown technologies and build the energy security we need for the future.’
Today’s government support includes:
- The £240m Net Zero Hydrogen Fund, funding low carbon hydrogen production projects, with the aim of awarding funding from the end of 2022
- The Hydrogen Business Model, which will support further investment in hydrogen production with £100m for electrolytic projects to cover the difference between the cost of production and the sale price for hydrogen. This scheme will launch in the summer
- The Industrial Hydrogen Accelerator, a £26m innovation funding programme to support UK industry in adopting hydrogen as a fuel source for sectors like manufacturing
- A £2.5m competition for bidders seeking to develop a UK Advanced Modular Reactor (AMR)
- £5m for accelerating Carbon Capture and Storage (CCUS) Technologies under the ACT 3 scheme
Photo by Zbynek Burival