The government has today published its much-anticipated Net Zero Strategy setting out how the UK’s net zero commitment will be delivered.
This follows a law passed by the UK Parliament in June 2019 committing to reaching net zero by 2050.
As expected the strategy is an overarching plan that builds on the Prime Minister’s Ten Point Plan that was published in November 2020.
The commitments made are forecast to unlock up to £90 billion of private investment by 2030 and support 440,000 well-paid jobs in green industries in 2030.
More specifically, the Net Zero Strategy includes:
- An extra £350 million to support the transport electrification and another £620 million for electric vehicle (EV) grants and infrastructure, including local on-street residential charge points.
- The intention to enable the delivery of 10% sustainable aviation fuel (SAF) by 2030 and further support of new SAF plants with £180 million.
- A £140 million Industrial and Hydrogen Revenue Support scheme to accelerate industrial carbon capture and hydrogen.
- An extra £500 million towards innovation projects to develop innovative green technologies.
- Nearly £3.9 billion of new funding for decarbonising heat and buildings, including the new £450m three-year Boiler Upgrade Scheme.
- A £124 million boost to the Nature for Climate Fund helping the UK towards meeting its commitments to restore approximately 280,000 hectares of peat in England by 2050 and treble woodland creation in England to meet the commitments to create at least 30,000 hectares of woodland per year across the UK by the end of this parliament.
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 EVs, 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.”
Business and Energy Secretary Kwasi Kwarteng said: “There is a global race to develop new green technology, kickstart new industries and attract private investment.
“The countries that capture the benefits of this global green industrial revolution will enjoy unrivalled growth and prosperity for decades to come and it’s our job to ensure the UK is fighting fit.”