The UK government has placed a renewable and new nucleus at the center of its plan to transform its power structure to net zero by 2050.
London has reaffirmed its support for 40GW by 2030, and the 1GW floating target is part of a map to create “excessively carbonized power” over the next decade, a key step towards the ambition of the middle of the century.
Presenting the vision in the Energy White Paper to be released today, the government has promised to attract more seawater production to the sector, which will be the backbone of the future energy system, mainly based on electricity. The demand for electricity doubles for a set of other decarbonization activities in transport and heat.
Whitehall has confirmed that it will enter into negotiations with the EDF over the Sizewell C nuclear project in Suffolk and play a direct financial role in its construction. It is considering options to invest in “at least one” nuclear power plant by the end of this parliament.
Before making any final decision on whether negotiations can proceed, the “value of the cash agreement” and all other relevant approvals will be subject.
Officials will explore a variety of funding options for the new nuclear power plant, including “the potential share of government funding during construction, if there is a clear value for money for consumers and taxpayers”.
Supported by the new £ 240m Net Zero Hydrogen Fund for low carbon hydrogen production, the clean power system will be further supported by kicking off a hydrogen economy by working with industry aimed at 5GW generation by 2030.
To deliver this, the Conservative administration has pledged to support people and communities most affected by the withdrawal from oil and gas production, ensuring that this expertise can be used, including $ 1 billion invested in four industrial clusters in the industrial sector, including carbon capture and storage. By 2030.
The UK Emissions Trading Plan will also be set to take effect from 1 January 2021 to replace the current EU ETS at the end of the transition period.
Meanwhile, the government has promised to keep prices affordable to consumers by making the retail market more competitive, spending $ 1.3 billion on accelerating the release of electric vehicle tariff points and moving away from domestic fossil fuel boilers, including a simple transition system.
The government says all of this will “unleash the green economic recovery” by supporting 220,000 jobs across the UK, Scotland, Wales and Northern Ireland over the next decade.
“Today’s project establishes a decisive and lasting transition from believing in fossil fuels to clean energy sources, which will put our country at the forefront of the global green industrial revolution,” said BEIS Secretary Alok Sharma.
“Through a major program of investment and reform, we are committed to decorponizing our economy in the most cost-effective way, while creating new sunrise industries and revitalizing our industrial hubs.