The UK’s energy sector has today committed to investing in and delivering a net zero power system in the 2030s.
Published in the week that COP26 starts, a new report by the energy industry states that there should be no further investment in a new, unabated gas generation without clear carbon capture and storage plans.
Energy UK’s members note that the speed and cost of delivering on their ambition depend on government action in the coming months.
They urge the government to decide on how to allocate costs for a fair transition and set out policies that could accelerate investments in infrastructure projects.
The report suggests that a massive increase in the supply of low carbon electricity and hydrogen will be necessary steps towards net zero.
The energy industry calls for a new Energy Bill, new market frameworks to boost low carbon technologies, including Contracts for Difference auctions and actions aimed at reducing the current planning and infrastructure barriers.
The report also underlines the need for a package of support for customers to switch to low carbon and energy efficiency measures.
Energy UK’s Chief Executive Emma Pinchbeck said: “The energy sector has led the way in reducing the UK’s emissions and it’s our industry who will enable net zero by powering the low carbon economy – from homes to industry to transport and beyond.
“The current challenges facing the energy sector and the wider economy only emphasize the need to accelerate our journey to a future where we won’t be at the mercy of volatile fossil fuel prices.
“Over the last few years, the industry has shown that with the right policies in place, change can happen quicker and at less cost than anyone thought possible.
“But the energy sector can not do this alone so we need the government to help deliver the policies and actions to enable this transformation and create a better future for our environment, our economy, our health and our customers.”
Earlier this month, the government pledged to source all of Britain’s electricity from renewable energy sources by 2035.