05

2024

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03

UK Government Bolsters Hydrogen and Clean Energy Sectors With Significant Investment

Author:

fuelcellsworks


The UK government, in its latest strategic push towards a net-zero economy, has announced a substantial allocation of £390 million dedicated to hydrogen and Carbon Capture, Utilisation, and Storage (CCUS) projects. This initiative is part of the broader Green Industries Growth Accelerator (GIGA) program, aimed at fostering the expansion of net-zero manufacturing supply chains across the nation.

 

Chancellor Jeremy Hunt is set to unveil this significant funding package, which forms a cornerstone of the government’s commitment to nurturing innovation and growth within the life sciences, automotive, and aerospace sectors. This move aligns with the previously launched Advanced Manufacturing Plan, which secured £4.5 billion in support to invigorate the British manufacturing landscape.

 

The announcement precedes the Spring Budget and reflects the government’s holistic approach to economic growth, health resilience, and job creation across the UK. It underscores a concerted effort to position the UK as a leading hub for manufacturing, with a keen focus on the development of cutting-edge technology and the bolstering of key economic sectors.

 

Among the investments, the aerospace and automotive sectors are set to receive significant boosts, with nearly £73 million dedicated to automotive R&D, emphasizing the development of electric vehicle technology. This is complemented by a joint government and industry investment of almost £200 million towards aerospace R&D projects, driving forward the development of energy-efficient and zero-carbon aircraft technology.

 

The Chancellor emphasized the government’s steadfast commitment to the industries of the future, stating, “We’re sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing, securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain.”

 

Additionally, the GIGA funding is poised to catalyze the UK’s transition to net-zero, building upon its leading position in decarbonization. This initiative not only aims to lower costs and expedite the shift towards a green economy but also to create better-paid jobs and opportunities throughout the country.

 

Energy Security Secretary Claire Coutinho highlighted the government’s support for green industries, noting, “We are backing our green industries with extra cash for the Green Industries Growth Accelerator – taking the total to more than £1 billion. We have long been energy pioneers in advanced manufacturing and this will allow us to carry on that great British tradition.”

 

Source:Fuelcellsworks

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