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The UK will later today unveil plans for boosting its energy security by scaling up investments in low-carbon energy.
Offshore wind, carbon capture and reuse, and green hydrogen production are among the focus areas in this push, Reuters reported. Nuclear power expansion is also on the table, the BBC reported.
"Transforming our energy system is no longer just about tackling climate change, it is also a matter of national security," finance minister Jeremy Hunt said. "To protect ourselves from future price spikes, we need to accelerate the move to cleaner, cheaper, home-grown energy."
Britons have seen their electricity and gas bills balloon amid the supply crunch that began in late 2021 and intensified last year. Millions have been plunged into energy poverty.
In response to the crisis, the Tori government has repeatedly stated the only option is to accelerate the transition to alternative energy sources. The opposition, however, seems to disagree about the way the government is going about this.
"What was billed with huge hype as the government’s 'green day' turns out to be a weak and feeble groundhog day of re-announcements, reheated policy, and no new investment," Ed Miliband, the Labour Party’s climate and net zero spokesman, said, as quoted by Reuters. "This is a government out of ideas."
Among the specific measures put forward by the UK government are more flexible planning for onshore wind and faster planning for offshore wind and solar power. The government will also allocate more than $290 million, or 240 million pounds, for green hydrogen projects.
"When global energy supplies are disrupted and weaponised by the likes of Putin, we have seen household bills soar. We are stepping up to ensure our energy security in the long term so we can drive down energy prices,” Prime Minister Rishi Sunak said.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com