UK Reveals Strategy To Reach Net-Zero By 2050

Oil & Gas

The UK government has launched its strategy to reach net-zero emissions by 2050, revealing its plan to lower its reliance on fossil fuels and transition to a green and sustainable future.

This latest strategy comes ahead of the country hosting the UN COP26 summit next week where the Prime Minister will call on other world economies to set out their domestic plans for cutting emissions.

The Net-Zero Strategy sets out how the UK will secure 440,000 well-paid jobs and unlock near $125 billion in investment in 2030 on its path to ending its contribution to climate change by 2050. The strategy was unveiled by the UK government on October 19, 2021.

The UK Government said that this would 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.

Building on the Prime Minister’s 10 Point Plan, UK’s 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 the country’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 our energy security.

As part of the strategy, the new investment announced today includes an extra $482 million to support the electrification of UK vehicles and their supply chains and another $853.5 million for targeted electric vehicle grants and infrastructure.

The country is also working to kick-start the commercialization of sustainable aviation fuel made from sustainable materials such as household waste, flue gases from industry, carbon captured from the atmosphere, and excess electricity, which produce over 70 percent fewer carbon emissions than traditional jet fuel on a lifecycle basis.

The plan also includes a $192.8 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 $688.5 million towards innovation projects to develop the green technologies of the future.

Massive amounts of money – around $5.4 billion – will fund decarbonizing heat and buildings, including a new three-year Boiler Upgrade Scheme, so homes and buildings are warmer, cheaper to heat, and cleaner to run. Finances will be also directed to restoring around 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.

Around $165 million will be put towards the development of nuclear projects. Funding like this could support the UK’s path to decarbonizing the country’s electricity system fifteen years earlier from 2050 to 2035.

The policies and spending brought forward in the Net-Zero Strategy mean that since the Ten Point Plan, the UK mobilized $35.8 billion of government capital investment for the green industrial revolution. More than $8 billion of foreign investment in green projects has also been secured since the launch of the Ten Point Plan, along with at least 56,000 jobs in the UK’s clean industries – and another 18 deals have been set out at the Global Investment Summit to support growth in vital sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage.

Falling costs of renewables and 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.

The UK is also the first major economy to commit in law to net-zero by 2050. So far, the country has hit every carbon budget to date – with the Net-Zero Strategy it set out policies and proposals for meeting the fourth and fifth carbon budgets and keeps the United Kingdom on track for carbon budget six.

“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,” Prime Minister Boris Johnson said.

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