Among the key initiatives are a commitment to carbon capture usage and storage (CCUS), with the first projects set to be announced soon.
The government is also launching a £160 million fund to support port infrastructure projects to kickstart investment in the UK’s emerging floating offshore wind industry, while the first tranche of green hydrogen production projects is set to receive backing under the £240 million Net Zero Hydrogen Fund.
Plans have also been announced for a new competition to select the best small modular reactor technologies.
Meanwhile, the government is speeding up the planning process to attract investment, reforming it to enable the building of more energy infrastructure, including solar power and offshore wind projects, more quickly.
Other measures include expanding government energy efficiency support to even more households, boosting the UK’s electric vehicle charging points and infrastructure with an investment of over £380 million and reducing reliance on fossil fuels to heat buildings with a £30 million Heat Pump Investment Accelerator.
Finally, the government is providing UK Export Finance with an extra £10 billion capacity to boost exports, including from the UK’s world-leading clean growth sectors.
Prime Minister Rishi Sunak expressed concern over the impact of global energy supply disruptions that are being weaponised by the likes of Putin.
Sunak noted that such disruptions have led to a surge in household bills and slowed economic growth across the globe.
The Prime Minister stated that the UK government has intervened to mitigate these effects by covering around half of the typical energy bill.
Rishi Sunak highlighted plans to expand the use of renewables, revive nuclear power and build new industries such as carbon capture, “which will in turn create good jobs across the country, provide new opportunities for British businesses at home and abroad, and maintain our world-leading action to reach net zero”.
Energy Security Secretary Grant Shapps emphasised the need for cheap, abundant and reliable energy as the foundation for a thriving economy.
Chancellor Jeremy Hunt highlighted the importance of accelerating the move to cleaner, cheaper, and home-grown energy through the Green Finance Strategy.