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This week is Net Zero Week, bringing with it a timely reminder that Britain has signed into law to reduce all greenhouse gas emissions to net zero by 2050. So how is the government and the energy industry progressing with this challenge?
Powering up Britain
In March this year the Government pushed their Power up Britain report – which followed their original Net Zero strategy launched 18 months earlier.
It’s no surprise to see the war on Ukraine highlight the persistent need for energy security on home soil, but the financial impact of global warming was also spelt out. Equivalent to 5-20% of global GDP each year according to the HM Treasury. The Government aim to move our reliance away from imported fossil fuels and towards cleaner domestic power sources, with the formation of their new Department for Energy Security and Net Zero which they formed in February this year. A shift they say should help them maintain lower cost energy – ‘among the cheapest wholesale electricity prices in Europe by 2035’, to quote their own words.
The net zero highlights
Their report looks at the progress that’s being made to decarbonise and move to cleaner energy.
14GW of offshore wind installed, commitment for another 7GW by 2027
Approximately £700 million investment in Sizewell C, for a 50% stake
£240 million Net Zero Hydrogen Fund launched
£450 million Boiler Upgrade Scheme, receiving 14,000 voucher applications
£54 million funding to support Greenhouse Gas Removal (GGR) innovation projects
The bigger picture
To ensure the country can achieve net zero by 2050, the Government has some big plans.
Fully decarbonise the power system by 2035
By 2023, up to 50GW of offshore wind capacity
Capacity for 10GW of hydrogen production by 2030
60Mt reduction of greenhouse gas emissions by 2050 through the North Sea Transition Deal (NSTD)
Four carbon capture, usage and storage (CCUS) clusters
Removal of new petrol and diesel cars from retail by 2030
Power generation for the future
The shift to clean energy continues to be a huge focus both for the Government and energy suppliers.
Decarbonisation efforts need to continue at pace, as well as accommodate the projected increase in electricity demand in the coming years. Bolstering Britain’s onshore electricity network could potentially support 20-80,000 jobs by 2037 according to the Government. With up to 7,000 more jobs across the supply chain by 2030 to increase storage and flexibility of demand. Scaling up the offshore wind sector to meet the 50GW target could also support up to 90,000 indirect and direct jobs. Whilst the interest to create at least one large-scale nuclear power station, sited as Sizewell C, has the potential to provide up to 10,000 jobs at the peak of its construction, with opportunities across the supply chain. Although those leading the way in the nuclear sector are championing for more than one new nuclear station to be added to Britain’s fleet, alongside investment in Small Modular Reactors (SMR).
Switching homes and businesses to low carbon heating solutions is also a key focus. Supporting decarbonisation efforts by aiming to install 600,000 energy efficient heat pumps per year by 2028.
It’s hoped these initiatives will cut down emissions and provide more environmentally friendly alternatives to meet our energy needs. Supporting the energy transition through the decline of coal and growth of low carbon, energy efficient advances – whilst providing job opportunities for thousands of people to work in net zero sectors.
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