Putin's weaponisation of energy has led to household bills soaring and economic growth slowing around the world. We stepped in to help families, paying half the typical energy bill.
However, we must go further to secure our long-term energy security. Last week we announced our multi-billion-pound ‘Powering Up Britain Plan’ which will deliver cheaper, cleaner, British energy.
This will be achieved through, amongst other things, the next generation of nuclear power, backed by Great British Nuclear, the Small Modular Reactor competition and the £120 million Nuclear Enabling Fund.
I am keen to see the benefits of this realised in our area. I campaigned to bring the UK’s first prototype fusion plant to the Severn estuary, providing employment opportunities to my constituents. Whilst the Government ultimately decided to locate that first plant elsewhere, I continue to engage closely with the Western Gateway partnership – we put together a strong bid, made the shortlist and established a compelling case to be the home of green technology in the future.
We are also working to deliver a world-leading hydrogen economy, backed by our 2030 hydrogen target and £240 million Net Zero Hydrogen Fund. I recently visited a factory in Northern Ireland which produces groundbreaking technology, including the world’s first hydrogen double decker bus and the world’s most efficient battery electric double deck.
Also on transport, I am working hard with my department on an ambitious decarbonising agenda, including £380 million to boost Electric Vehicle charging points.
Elsewhere, we will reduce household bills by increasing energy efficiency, backed by our Great British Insulation Scheme to upgrade 300,000 homes, and by reducing our reliance on fossil fuels to heat our buildings, rolling out the use of 600,000 heat pumps a year by 2028, with grant schemes available for low-income households.
The strategy will also accelerate the deployment of renewables, including through £160 million to support the UK's emerging floating offshore wind industry.
Ultimately, these plans will boost the UK's energy security to help us achieve amongst the cheapest energy prices in Europe by 2035, cut bills, create almost 500,000 new green jobs by 2030 and drive us towards net zero by 2050.
📢NEW: @grantshapps sets out the plan to Power Up Britain
🛑Scaling up affordable, clean home-grown power
🛑Bringing down energy bills
🛑Building thriving green industries
🛑Driving billions in new investment📽️Watch now👇
Read more: https://t.co/DzwzPQwrEf pic.twitter.com/fZU4FTnuvy
— Department for Energy Security and Net Zero (@energygovuk) March 30, 2023
This article was first published in The Forester newspaper.