Whilst decarbonisation measures that were outlined in the 10-point plan are revisited in further detail, the paper also outlines a range of funding packages to help consumers to reduce both bills and carbon emissions as well as setting out plans for job creation, including support for those making the transition from traditional gas and oil industries.
The key areas:
Create a fair deal for consumers by increasing competition in the energy retail market and provide opportunities to make savings on energy bills by upgrading energy performance of homes and using smart technology. Protect the fuel poor by expanding the Warm Home Discount Scheme and Green Homes grant and providing a £6.7bn support system for fuel poor households over six years.
Accelerate the deployment of clean electricity generation. Invest £1 billion in UK’s energy innovation programme to develop the technologies of the future such as advanced nuclear and clean hydrogen. Ensure that the transformation of the electricity system supports UK jobs and new business opportunities, at home and abroad.
Make sure that energy system information about supply and demand is used to drive greater efficiency and lower costs to consumers and promote innovation and competition in networks and in national and local energy markets. Ensure electricity networks are able to integrate increasing renewable generation and more electric vehicles (EVs), while controlling system costs. Make sure rules and governing institutions support the transition away from fossil fuels to clean energy.
Drive greatly improved energy performance in both existing and new buildings to reduce consumption and help keep bills affordable. Support the transformation of heating for homes and workplaces from oil and gas to clean energy sources. Use the switch to clean energy to support up to 50,000 jobs across the UK by 2030.
Create a sustainable future for UK manufacturing industry through improved energy efficiency and the adoption of clean energy technologies and ensure that the transformation of our industrial sectors supports jobs, higher skills and new business opportunities. Establish the UK as a world leader in the deployment of CCUS and clean hydrogen, supporting up to 60,000 jobs by 2030. Introduce a UK Emissions Trading Scheme which will be the world’s first net zero emissions trading scheme and will underpin the decarbonisation of energy in the UK.
Oil & Gas
Work with the sector to transform the UK Continental Shelf to be a net zero basin by 2050. Provide opportunities for oil and gas companies to repurpose their operations away from unabated fossil fuels to abatement technologies such as carbon capture, utilisation and storage (CCUS) or clean energy production such as renewables and hydrogen. Agree a transformational North Sea Transition Deal to deliver new business opportunities, jobs and skills as the sector.