The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)

Over the last decade the UK has built one of the most diverse energy systems in the world but previous Governments have historically failed to make these investments which has left us in the current situation. The Bill will deliver key commitments from the British energy security strategy, the Prime Minister’s 10-point plan and net zero strategy to drive an unprecedented £100 billion of private sector investment by 2030 into new British industries and supporting around 480,000 clean jobs by the end of the decade.

Accelerate the growth of low carbon technologies. We will introduce state of the art business models for carbon capture usage and storage (CCUS) and hydrogen, attracting private investment by providing long-term revenue certainty. Together with the measures on CO2 transport and storage, this will put the country on a path to seize market share and grow the economy.

Enable the set up and scale up of the first of a kind CO2 transport and storage networks. The Bill will establish the economic regulation and licensing framework to ensure successful deployment.

Taking further steps to explore the role for hydrogen to heat our homes and workplaces. We will enable the delivery of a large village hydrogen heating trial by 2025, providing crucial evidence to inform strategic decisions in 2026 on the role of hydrogen in heat decarbonisation.

Enabling innovation and gearing our system toward net zero. We will reform energy codes, overhauling the way that the technical and commercial rules of the energy system are governed.

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