UK Prime Minister announces a ten-point plan for a Green Industrial Revolution
<article><section><p>Environment Analysis: Vanessa Jakovich, partner, and Abdullah Geelah, trainee solicitor, at Freshfields discuss the Prime Minister’s Green Industrial Revolution ten-point plan, setting out the key features and analysing whether there is anything missing from the plan.</p></section></article><section><p>Boris Johnson has outlined a ten-point plan (the Plan) for a ‘Green Industrial Revolution’, aimed at facilitating the UK’s 2050 net zero commitment through a combination of ambitious policies, £12bn of new public investment, and measures to mobilise private investment. The Plan also seeks to create and support up to 250,000 highly skilled green jobs.</p><section><h2><mark id="CITEID_898264"></mark>What are the key features of the Plan? And how will this be rolled out?</h2><p>The Prime Minister will establish a taskforce to roll out the Plan as a matter of ‘national priority’. Its key features are:</p><ul><li>offshore wind: producing enough offshore wind to power every home, increasing production to 40GW by 2030 and supporting up to 60,000 jobs. The UK’s electricity demand will rise as homes switch from gas to electric heating and from hydrocarbon to electric-powered vehicles. Substantial additional generating capacity will have to increase accordingly in the years up to and beyond 2030</li><li>low carbon hydrogen: working alongside industry to generate 5GW of low carbon hydrogen production capacity by 2030 and develop the first town heated entirely by hydrogen by the end of the decade. The government has announced investment of up to £500m in hydrogen, including for trialling homes using hydrogen for heating and cooking. Of this funding, £240m will go into new hydrogen production facilities. The focus is currently on ‘blue’ rather than ‘green’ hydrogen</li><li>nuclear power: promoting nuclear power as a clean energy source. £525m has been allocated to help develop large and smaller-scale nuclear plants, advanced modular reactors and research which could support 10,000 jobs. The Energy White paper is expected to detail how this support will reduce the up-front finance costs of new nuclear, which is a key driver of relatively high levelised cost of traditional nuclear-generated electricity</li><li>shift to zero emission vehicles: phasing out sales of new petrol and diesel cars and vans by 2030 to accelerate the transition to electric vehicles. £1.3bn of funding has been flagged to fast-track the rollout of charge points for electric vehicles across England, £582m in grants for those buying zero or ultra-low emission vehicles and nearly £500m to be spent in the next four years for the development and mass-scale production of electric</li></ul></section></section>
Source: LexisNexis Purpose Built
UK Prime Minister announces a ten-point plan for a Green Industrial Revolution
