(London / Great Britain) – The British government has launched a funding package worth 375 million pounds (450 million euros) for innovative energy technologies. The British energy security strategy funds are intended to reduce Britain's dependence on fossil fuels; At best, around 2030 percent of electricity will be low-carbon by 95, according to a statement.
Hydrogen capacity expansion doubled to ten gigawatts
The pot will, among other things, feed a £240 million “Net Zero Hydrogen Fund” to finance projects to produce low-carbon hydrogen. The funds will be available from the end of 2022. The government wants to build hydrogen production capacity of two gigawatts by 2025 and ten gigawatts by 2030. Previously the target was five gigawatts.
A further £100 million is earmarked to cover the difference between the (still high) production costs and the (presumably lower) selling price of hydrogen. Funding will begin this summer.
In addition, the 26 million pound “Industrial Hydrogen Accelerator” program is intended to support the manufacturing sector in particular in introducing hydrogen. This covers the entire chain from hydrogen production and storage to industrial end use. According to the government, this funding will be available from April 25, 2022, and the demonstration projects must be completed by March 2025.
Tax funds also for nuclear power
In addition to promoting renewable energy and hydrogen, the British “energy security strategy” also earmarks £2,5 million for the development of “the next generation of nuclear technologies”. A further £3 million will go towards researching and accelerating carbon capture, utilization and storage (CCS) technologies under the ACT XNUMX programme.
This initiative of 14 countries worldwide aims to accelerate the market readiness of CCS technologies by funding research and innovation projects. ACT partners include the Canadian province of Alberta, Denmark, France, Germany, Greece, India, Italy, the Netherlands, Norway, Romania, Switzerland, Turkey, the United Kingdom and the United States.
In addition, the government has published a “Hydrogen Investor Roadmap”. It highlights investment opportunities across the entire hydrogen value chain in order to promote private investment in this sector. At the same time, there is a “CCUS Investor Roadmap”, which lists further investment opportunities.
Progress on the ten-point plan
Prime Minister Boris Johnson already had one in November 2020 Ten point plan presented that Great Britain should become CO2050 neutral by 2. The Ministry for Economic Affairs, Energy and Industrial Strategies reports that 68.000 jobs have been created so far and private investors have invested £22 billion.
In the area of hydrogen, among other things, 7,5 million pounds flowed into the “Gigastack project” of the British company ITM Power Plc, which would create up to 2.000 jobs over time. ITM Power operates an electrolyzer factory in Sheffield with an annual capacity of 1.000 megawatts. A second factory with 1.500 megawatts is under construction there and should be operational by the end of 2023. By the end of 2024, ITM Power wants to double its capacity by another 2.500 megawatts to 5.000 megawatts.
The government has also supported projects to decarbonise industry with pledges of £1 billion in funding, including... Teesside and at Humber, says the Ministry of Economic Affairs.
Links to the programs
British energy security strategy (PDF, 17 pages)
Industrial Hydrogen Accelerator
CCUS Investor Roadmap (PDF, 17 pages)
Photos
London, Downing Street No. 10, British Prime Minister's Residence / © Sergeant Tom Robinson RLC/MOD
