Shapps sets out plans to drive multi billion pound investment in energy revolution

Shapps sets out plans to drive multi billion pound investment in energy revolution - Department for Energy Security and Net Zero

Energy Security Secretary outlines steps to strengthen Britain's long-term energy security and independence to help deliver clean, prosperous future for the country.

Ambitious plans to scale up affordable, clean, homegrown power and build thriving green industries in Britain have been unveiled by the government today (Thursday 30 March) - boosting the country’s energy security and independence and reducing household bills for the long term and maintaining a world-leading position in achieving net zero.

Putin’s illegal invasion of Ukraine had a devastating effect on global energy markets, forcing up wholesale prices and with it the energy bills of households and businesses in the UK and around the world.  In response, the government has taken steps to shield consumers and companies from the worst effects, paying around half a typical household’s bill over the winter and half the wholesale energy costs paid by some businesses.

After decades of reliance on importing expensive, foreign fossil fuels, the government is delivering a radical shift in our energy system towards cleaner, more affordable energy sources to power more of Britain from Britain.

In doing so, plans will help deliver on the Prime Minister’s promise to grow the economy across the country, supporting almost half a million new green jobs by 2030, creating a strategic advantage in new clean industries, and generating opportunities for UK businesses to export their expertise around the world.

Building on decisive government action taken since 2021, measures announced today include:

World leading commitment to Carbon Capture Usage and Storage – The first projects will be announced to progress to the next stage of the negotiations to rollout the first Carbon Capture clusters in our industrial heartlands. The round for areas to apply for two additional future clusters has also been launched and there will be an opportunity for further projects to be added to the first two clusters. These announcements build on the £20 billion CCUS funding
Kickstarting investment into the UK’s emerging floating offshore wind industry by launching the £160 million fund to support port infrastructure projects, securing the UK’s leadership in this new technology.
Backing the first tranche of new green hydrogen production projects under the £240 million Net Zero Hydrogen Fund as part of development of this new power source.