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Finance

Chancellor signals ‘clean energy reset’ in bid to cut energy bills

The government has unveiled a new plan to invest £1 billion annually in technology aimed at capturing carbon emissions before they are released into the atmosphere.

The initiative is part of the government’s wider strategy to address high energy costs in the future.

The Chancellor, Jeremy Hunt, is preparing to unveil his groundbreaking plan for a “clean energy reset,” with additional funding for carbon capture and new commitments to nuclear power.

The move, due to be outlined during the Budget announcement, is expected to create 50,000 highly-skilled jobs in the energy sector, providing a much-needed boost to the UK economy.

Hunt’s ambitious proposal aims to reduce the country’s reliance on fossil fuels and accelerate progress towards achieving its net zero emissions target.

Carbon Capture and Storage Association Chief Executive Officer Ruth Herbert has hailed the government’s new investment plan in carbon capture and storage as a major boost to the industry.

Herbert added that the investment would allow the UK’s industrial clusters to move forward with essential decarbonisation plans, securing the future of heavy industries and those employed in them and attracting billions of pounds of investment into levelling up the regions.

An Energy UK spokesperson said: “High energy bills in the UK have been driven by international gas prices, so boosting our own sources of clean generation is a must to shield us from future price shocks.

“The funding announced will not only support the UK reach its Carbon Capture Utilisation Storage and nuclear ambitions, it unlocks thousands of jobs and will help position the UK as a world leader in these low carbon technologies, which will also support the substantial rollout of cheap renewables needed to bring down bills in the long-term.

“However, the introduction of the Electricity Generator Levy has added uncertainty to future investment in low carbon infrastructure. Unless the government takes urgent action, the UK risks losing its position as an attractive place to invest on the global market and is facing a potential £62 billion shortfall over the next decade.”

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