The UK invested £23bn in new low carbon investment in 2022 encompassing hydrogen, renewables, carbon capture and storage, nuclear, sustainable materials, energy storage, electrified transport and clean heat.
However to deliver on the UK’s Net Zero ambitions, through the late 2020s and 2030s, an additional £50-60bn capital investment will be required each year, according to the 2023 Green Finance Strategy.
“To decarbonise in 27 years, and meet our environmental objectives as set out in our Environmental Improvement Plan, and deliver energy security, we will require a step-change in levels of investment,” it states.
Specifically with hydrogen, the UK Government has announced a suite of developments aiming to increase deployment of low carbon hydrogen in the UK, as it targets up to 10GW of low carbon hydrogen production capacity by 2030.
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