Government initiate anticipated Energy White Paper: The government has started its long-anticipated Energy White Paper to clean up the nation’s energy systems & guarantee the journey to net zero by 2050 is attainable and affordable.
The white paper extends on Prime Minister Boris Johnson’s newly announced Ten Point Plan for a Green Industrial Revolution and lays out the actions needed to cut emissions from industry, transport & buildings by 230 million metric tonnes.
The Energy White Paper promises to support up to 220,000 jobs in the new, greener economy throughout the next decade, including positions varying from employment in major power generation, carbon capture storage & hydrogen projects, including a nationwide programme to modify homes and buildings with energy efficiency & clean heat technologies.
Switching from fossil fuels to a net zero system
The design guarantees to overhaul the whole energy system and hopes to retrofit millions of homes, electrify transportation with renewables, double electricity use instead of oil & gas and bolster renewable energy stock.
Maintain bills affordability
The government has pledged to designate the energy retail market “truly competitive” by giving customers more easy methods of moving to cheaper energy tariffs, and tackling “loyalty penalties” by naturally switching consumers to fairer, cheaper deals and this system will be trialled to test its performance in the market.
No emissions electricity by 2050
The Energy White Paper promises to all electricity being emission-free by 2050 & puts the country on goal for an “overwhelmingly decarbonised” energy network by 2030 to guarantee it stays on the right trajectory for the last goal. It says low carbon power is a “key enabler” of the more sustainable economy of the future and states that demand for clean electricity is expected to double in order to decarbonise the transport and heating sectors.
UK Emissions Trading Plan
The government is committed to set up a UK Emissions Trading Scheme (UK ETS) from 1 January 2021 to change the present EU model. This will plan to drive progress on cutting emissions & will provide the essential continuation of emissions trading for UK businesses and give them confidence about the path forward.
Financing choices for new nuclear
The scheme commits to finding new, innovative financing choices for new-build nuclear energy facilities – this could contain the Regulated Asset Base (RAB) funding model, which may help achieve private investment & save consumers money over the long-term. It additionally says the government will “consider the potential role of government finance during construction, provided there is clear value for money for consumers and taxpayers”.
Along with the Energy White Paper, the government has also accepted it will start negotiations with French energy giant EDF concerning the proposed Sizewell C nuclear power plant in Suffolk.
Provide 40GW of offshore wind by 2030
The Energy White Paper acknowledges the Prime Minister’s commitment to deliver adequate wind capacity to power all homes in the country by 2030 . This will consist of 40GW of offshore wind, including 1GW of floating wind.
Investing £1 billion in carbon capture & storage (CCS) by 2030
This investment will be spread throughout 4 low carbon industrial clusters by 2030 & at least 1 net zero cluster by 2040. The technology would be utilised to directly catch emissions from factories and other heavy industry before they get in the atmosphere. The investment is anticipated to drive new investment & bring new manufacturers to the UK’s industrial heartlands.
Launch the hydrogen economy with 5GW of production by 2030
The government aims to work with industry to deploy 5GW of hydrogen production by 2030, aided by a new £240 million net zero Hydrogen Fund.
Expanded rollout of electric vehicle (EV) infrastructure
The Energy White Paper lays out a plan to invest £1.3 billion to boost the deployment of EV charging points thoughout homes, streets & motorways, along with a further £1 billion to support the advancement of EVs themselves, like funding for battery production.
Helping the vulnerable and fuel poor
The plan outlines how the government will support the vulnerable and fuel poor throughout society better cope with paying energy bills. It will help the lowest paid with a £6.7 billion pack of measures it believes could save families in the oldest, most inefficient homes by up to £400.
These measures involve extending the Warm Home Discount Scheme to 2026 and discounting qualified households £150 on their electricity bills every winter.
Changing to cleaner boilers
Fossil fuel boilers will be slowly removed & replaced with cleaner alternatives – by the mid-2030s the government expects that all newly installed heating systems will be low carbon models or be appliances that are able to be converted to a clean fuel supply.
Supporting the North Sea oil & gas changeover
The government commits to safeguard the people & communities most touched by falling oil and gas production and promises to ensure the expertise of the sector will be used to occupy new green jobs in areas such as CCS & hydrogen production.
Business and Energy Secretary Alok Sharma stated: “Today’s plan establishes a decisive and permanent shift away from our dependence on fossil fuels, towards cleaner energy sources that will put our country at the forefront of the global green industrial revolution.
“Through a major programme of investment and reform, we are determined to both decarbonise our economy in the most cost-effective way, while creating new sunrise industries and revitalising our industrial heartlands that will support new green jobs for generations to come.
“At every step of the way, we will place affordability and fairness at the heart of our reforms – unleashing a wave of competition so consumers get the best deals possible on their bills, while protecting the vulnerable and fuel poor with additional financial support.
“With this long-term plan, we are turning climate ambition into climate action – putting the UK firmly on the course to net zero to end our contribution to climate change as we build back greener.”
Government initiate anticipated Energy White Paper