Climate change is perhaps one of the biggest concerns for every country and the United Kingdom is making a difference with its latest net zero plan. The plan is focused on cutting down greenhouse gases and lower energy costs by investing in renewable energy and nuclear power. The UK Government has recently revealed about these projects are solely built to bring sustainability to the market, energy consumption as well as production.
Experts are saying that the UK is capable of producing the cheapest electricity in Europe by 2035. However, it is going take an ample amount of time and the electric bills are getting reduced next year. With this latest Net Zero Plan, there will be several opportunities cut emissions. The plan also includes the first carbon capture sites. While most experts are appreciating this initiative, some critics said that it is “a missed opportunity”.
The strategy behind the project is called Powering Up Britain which is focused on clean energy production in England such as wind, solar and nuclear. This will not only reduce the amount of emission but also the energy cost.
Britain’s Prime Minister Rishi Sunak said, “When global energy supplies are disrupted and weaponised by the likes of Putin, we have seen household bills soar. We are stepping up to ensure our energy security in the long term so we can drive down energy prices.”
The latest Net Zero Plan comes with a lot of measures that can offer more efficiency in the field of energy consumption and production cost behind. Let’s check a few of the measures.
- More than £240 million of funding is dedicated to green hydrogen projects
- ECO+ scheme will be rebranded to the Great British Insulation Scheme which helps to insulate 300,000 of the poorest-performing homes
- The launch of the Great British Nuclear project has confirmed that seeks to enhance the nuclear industry
- Onshore wind and accelerated planning for offshore wind and solar are gaining more flexibility and dynamic prospects
Last July, The High Court wanted to see a more detailed outline of the plan and how the UK is going to be benefited from it. With the latest proposal, the outline has become more vivid. Shadow climate secretary Ed Miliband said: “What was billed with huge hype as the government’s “green day” turns out to be a weak and feeble groundhog day of re-announcements, reheated policy, and no new investment.”
Policy director at the Grantham Research Institute on Climate Change at LSE, Bob Ward said, “What does not make sense is to carry on with further development of new fossil fuel reserves on the assumption CCS will be available to mop up all the additional emissions.” CCS is referred to as carbon capture and storage which is the current environmental motto of the UK Govt.
However, many protesters are raising voices as there is no significant increase in funding for home insulation.
Brian Johnson – Market Movers
Brian Johnson works as an editor and emphasizes around breaking news stories. He has a Master’s Degree of BBA in Accounting and Finance. He is a dynamic worker spending most of his time analyzing earnings reports and observing commodities and results. He loves to play music and go out shopping in his spare time. He prepares staff on the better purposes of writing, editing and getting the news out on time correctly. Also, Brian Johnson focuses mainly on the effects of activity on the marketplace. He is an editor and reporter of “Market Movers” category.