UK to Invest GBP960m in Power Network Reform and Green Industries

The UK government has committed GBP960m in investments in green industries and power network reform, as reported by ESG Today on November 23. The investment will be provided through the Green Industries Growth Accelerator, which aims to boost advanced manufacturing capacity in key net-zero sectors, including electricity networks, offshore wind, nuclear, hydrogen, and carbon capture and storage (CCS). The Accelerator is part of a larger funding package of GBP4.5bn to support strategic manufacturing sectors from 2025 to 2030, which also includes GBP2bn for zero-emission investments in the automotive sector.

Claire Coutinho, the UK Energy Security Secretary, hailed the investment package as the most radical plan to update the grid since the 1950s. It will bring major changes to the existing power network, including halving the time needed to build high-voltage power lines from 14 years to 7 and cutting the average delay time for projects to connect to the grid from 5 years to a mere 6 months. Coutinho emphasized that these advancements will reinforce UK energy security and provide cleaner, more affordable energy to both households and businesses. Furthermore, the GBP4.5bn investment package will compete with the US Inflation Reduction Act (IRA) and the EU’s Green Deal Industrial Plan, both of which provide substantial subsidies to ramp up manufacturing capacity for net-zero technologies.

Sources:

https://www.esgtoday.com/uk-to-invest-over-1-2-billion-to-boost-green-industries/

https://www.gov.uk/government/news/huge-boost-for-uk-green-industries-with-960-million-government-investment-and-major-reform-of-power-network

https://energyadvicehub.org/4-5bn-funding-for-clean-energy/