UK to unlock £90bn transition investment by 2030
Renewables, CCS, nuclear and hydrogen are all earmarked for government support, according to a recently published strategy
The UK has launched its long-awaited Net Zero Strategy, outlining investment and policy moves to reach net zero by 2050 and unlock £90bn ($124bn) in private investment by 2030. The UK aims to reduce emissions by 68pc, excluding international aviation and shipping, by 2030 as part of its Nationally Determined Contributions to the Paris Agreement. The new strategy also sets a budget for a 78pc reduction, including international aviation and shipping, by 2035. The government plans to increase R&D investment to £22bn, with £1.5bn for decarbonising power, building, industry, transport and natural resources in its next spending review in 2022. Power The UK aims to achieve a fully decarbonised
Also in this section
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies