The UK Government announced its intention today to hit 95% low carbon energy by 2030 in its newly unveiled British Energy Security Strategy.
The news comes as the Government scrambles for alternative energy sources following Russia’s invasion of Ukraine, which has seen global energy companies divest from the country’s 4 million barrels of oil per day in exports.
The Government announced plans to roll out its expansion of solar, nuclear, wind, and hydrogen, with the ambition of developing one nuclear reactor per year compared to its previous goal of one reactor per decade.
The proposal includes the use of Small Modular Reactors in a key role to ramp up UK nuclear development and produce around 24 gigawatts by 2050, which represents a projected 25% of nationwide electricity demand.
The administration is set to launch a £120 million Future Nuclear Fund later this month to kickstart a wave of new energy projects.
The plan also includes an intention to source 50 gigawatts of energy from offshore wind by 2030, which would reportedly produce enough power for every house in the country.
The Government announced the launch of a heat pump manufacturing competition later on this year worth up to £30 million, which would reduce UK reliance on gas.
Further North Sea gas projects are also scheduled for an increase in funding as the country works to procure a supply pipeline with a lower carbon footprint in its transition to alternative energy.
Additional aims include a 500% rise in the nationwide solar capacity from 14 gigawatts by 2035 and a 200% increase from the current 10 gigawatt capacity for low carbon hydrogen production by 2030.
“We’re setting out bold plans to scale up and accelerate affordable, clean and secure energy made in Britain, for Britain – from new nuclear to offshore wind – in the decade ahead,” said Prime Minister Boris Johnson.
“This will reduce our dependence on power sources exposed to volatile international prices we cannot control, so we can enjoy greater energy self-sufficiency with cheaper bills.”
The move follows a 54% rise in the energy price cap on 1 April 2022, which is set to see the average household energy bill rise £700 per year, on top of a 30-year high 6.2% inflation rate.
The Government said it aims to ease the pain of surging energy costs for consumers with its introduction of alternative, cheaper energy measures.
“We have seen record high gas prices around the world. We need to protect ourselves from price spikes in the future by accelerating our move towards cleaner, cheaper, home-grown energy,” said Business and Energy Secretary Kwasi Kwarteng.
“The simple truth is that the more cheap, clean power we generate within our borders, the less exposed we will be to eye watering fossil fuel prices set by global markets we can’t control.”
“Scaling up cheap renewables and new nuclear, while maximising North Sea production, is the best and only way to ensure our energy independence over the coming years.”