UK unveils plan to boost energy investment

141
3
UK unveils plan to boost energy investment

The plan to boost energy investment in Britain that lacks the financial might of the US was unveiled by the UK's Bloomberg strategy to speed up the deployment of renewable power and capture carbon.

The measures show little in the way of new spending, with no funding expected to come in the Autumn budget due to the limited green subsidies in US President Joe Biden's Inflation Reduction Act.

The plan includes the expansion of a home energy efficiency program, steps to speed up the planning process for renewable power developments and an announcement of the first projects to go forward in the country s carbon capture and storage support mechanism.

The decision to not throw more cash at net-zero ambitions, as the US and the European Union are doing, was defended by the Chancellor of the Exchequer, Jeremy Hunt.

In the Times, he wrote that we are not going toe-to-toe with our friends and allies in a distortive global subsidy race. In the areas where the UK has a clear competitive advantage, we will focus on public funding in a strategic way. Read: Competition From the US Is Forcing Europe to Up Its Green Game

The interim executives of a company called Great British Nuclear were created by the government to help deliver future investments in new nuclear power plants. It's not clear how it will solve the most vexing problem for nuclear power in the UK, finding billions of pounds to build new plants.

The UK also revealed funding for hydrogen production projects and the 30 million Heat Pump Investment Accelerator, which is meant to multiply with private investment. It will extend the Boiler Upgrade Scheme until 2028, which provides grants to subsidize home heat pump installations.

None A refreshed green finance plan promised to tackle deforestation-linked finance and consult on the UK's green taxonomy.

The government is looking at ways to work with communities to deliver onshore wind infrastructure to give them benefits like cheaper power. The move was effective after the government came under pressure to lift a ban on onshore wind. Energy Secretary Grant Shapps said that we want a rational solution that works for communities.

The details may disappoint both the renewable power industry and the fossil-fuel one, and environmental groups said it fell well short.

While permitting reform is a big ask for green energy developers, there is little by way of fresh funding and no sign that the government will budge on the terms or budget for an upcoming auction round to support new wind farms. After soaring costs in recent years, developers have warned that the price may be too low to make investments viable.

None of China lent heavily in the Developing Nations. It is helping Them manage their debt now.