- At the Autumn Budget 2024, the chancellor made a series of announcements regarding sustainability. Firstly, the UK Carbon Border Adjustment Mechanism (CBAM) will be introduced on 1 January 2027 with five product categories at risk of carbon leakage which will provide companies with the certainty required to start their planning for the tax. Secondly, £3.4bn was announced over the next three years for the Warm Homes Plan (compared to £6.6bn in the Labour Manifesto), which the Government has indicated will include grants and low-interest loans for home insulation, low-carbon heating, and home improvements. Thirdly, funding to kickstart Great British Energy (GBE) will include £25m to establish it as a company and £100m for capital funding in 2025-2026 for clean energy projects. However, the precise nature of how GBE will work alongside the National Wealth Fund remains unclear. Finally, some investments in specific technology such as Carbon Capture, Usage and Storage (CCUS), hydrogen and nuclear were announced.
- Timing: this is a continuing area of development, so there is no specific timeframe for changes.
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