On 13th January, former UK Energy Minister Chris Skidmore published his Net Zero Review, hailing net zero as the “growth opportunity of the 21st century” and calling for the UK to lead the global race to green growth. Skidmore urged the UK government to develop a Net Zero Investment Plan. Successfully implementing this plan alongside the Green Finance Strategy could help government turbocharge the net zero transition.
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Hydrogen will have a role in the UK’s transition to net zero. However, independent analysis does not support its use to heat homes: it is inefficient, expensive and brings safety risks. The government should therefore fund its hydrogen revenue support mechanism through normal government spending, rather than unfairly charging consumers. E3G has previously urged the government to support green hydrogen produced from renewable electricity.
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In front of the world at COP26, the UK committed to delivering a world-leading net zero aligned financial centre last year. The UK financial sector, currently ranked first globally as a green financial market, is well placed to take advantage of the opportunities that this presents – potentially worth over £1 trillion to UK businesses by 2030. Unlocking these opportunities requires a plan that brings in the key actors across the financial system – including the UK financial regulators.
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