The UK government has published its net-zero strategy document, outlining financing for developing sustainable aviation fuel, an industrial and hydrogen revenue support scheme and new money for electric vehicles and nuclear.
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The Department for Business, Energy and Industrial Strategy aims for sustainable aviation fuel to make up 10% of aviation fuel by 2030, and will give GBP180 million ($249 million) to support development of SAF plants in the UK, it said Oct. 19.
S&P Global Platts assessed the SAF premium to jet fuel in Europe at $1,498.48/mt on Oct. 18.
BEIS has also allocated GBP140 million for an "industrial and hydrogen revenue support scheme" to help low-carbon hydrogen producers bridge the cost gap between natural gas and hydrogen.
In transport, BEIS has earmarked an additional GBP620 million for EV infrastructure, such as local on-street residential charge points. The funds come on top of GBP1.3 billion to support electrification of UK vehicles and supply chains.
The government also said it would put GBP120 million towards the development of nuclear projects, mentioning the Wylfa site in Anglesey as a possible contender.
"Funding like this could support our path to decarbonizing the UK's electricity system fifteen years earlier from 2050 to 2035," BEIS said in a statement.
A funding decision on the Sizewell C nuclear plant in Suffolk could come after the finance minister's spending review concludes Oct. 27, according to the BBC.
The UK has allocated GBP3.9 billion in new funding to decarbonize heat and buildings, including its GBP450 million Boiler Upgrade Scheme to help install low-carbon heating systems, announced Oct. 18.
In addition, there will be GBP124 million allocated to the government's "nature for climate fund," which aims to restore around 280,00 hectares of peatland in England by 2050, and boost reforestation.
"There is a global race to develop new green technology, kick-start new industries and attract private investment," Business and Energy Secretary Kwasi Kwarteng said in the statement.
"The countries that capture the benefits of this global green industrial revolution will enjoy unrivaled growth and prosperity for decades to come -- and it is our job to ensure the UK is fighting fit," Kwarteng said.
The government hopes the commitments made will unlock GBP90 billion of private investment by 2030.
National Grid Chief Engineer David Wright said in the BEIS statement: "Now the focus needs to be on implementation and investment in infrastructure and technologies."
"We are at a critical stage in the journey where net-zero is possible with the technologies and opportunities we have today and, in order to deliver on this, we have to accelerate and ramp up efforts to deploy long-term solutions at scale," Wright said.
Trade union body TUC said the strategy was a "huge let down", calling for more measures to insulate UK homes.
"The new strategy takes some steps in the right direction," TUC General Secretary Frances O'Grady said in a statement.
"But only GBP1.75 billion has been allocated for retrofitting homes from now until 2025," O'Grady said. "At this rate, it would take more than 170 years to insulate all the UK's homes."
"The government has failed to implement many of the main recommendations of its own green jobs taskforce, just two weeks before it hosts the UN Climate Change Conference," she said.