Prime Minister Boris Johnson has outlined his plans for a “green industrial revolution” in the UK, including £12bn government investment in green technology.
The UK government hopes that the new plan will create 250,000 new jobs in areas such as clean energy, transport, nature and innovative technologies.
Go deeper with GlobalData
The plan sets out ten key areas, including producing enough offshore wind to power every home, expanding the hydrogen industry, advancing nuclear energy, accelerating the transition to electric vehicles, becoming a world-leader in carbon capture technology and making buildings more energy-efficient.
The UK will also end the sale of new petrol and diesel cars and vans by 2030, ten years earlier than was previously planned.
The £12bn in funding includes £200m for carbon capture technologies, £500 million in the hydrogen industry, which includes a trial of hydrogen-powered homes, and £525m to help develop nuclear plants.
Significant investment in green transportation has also been announced, including £1.3bn in the rollout of electric vehicle charge points, £500m on the development and production of electric vehicle batteries, and £582 million in grants to incentivise the purchasing of zero or ultra-low emission vehicles.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAdditional investment in green maritime technology and in making homes and public buildings more energy-efficient has also been announced.
The government hopes the initiatives will encourage over three times as much private sector investment by 2030.
Stephen Kelly, chair of Tech Nation said that investment in clean technology is essential in meeting the net-zero goal:
“It’s promising to see a multi-billion pound package of green investment announced by the Government that brings much-needed support to clean technologies working towards the net-zero goal and builds on the levelling up agenda across Britain. Governments will never be able to act fast enough to fix our planet’s environmental problems alone, with much-needed progress from business and consumers.
“Net-zero technology companies are a critical part of the solution, where they need the backing to provide growth capital to create solutions to the greatest challenge of our time and propel the UK Net-zero tech sector to multi-billion global market leadership.”
He added that tech is “at the heart” of the UK reaching net-zero and that government investment is necessary to take the lead because the venture capital model means investors are “not naturally drawn to investments that will take much longer to deliver a return”.
Read More: UK taps quantum technology for future EV battery might.
