- In January 2023, the independent Net Zero review led by Chris Skidmore MP was published, laying out 129 recommendations to catalyse action in individual sectors of the economy, and to enhance the role of local authorities, communities, and individuals to deliver net zero. The government’s response in March 2023 did not include any major tax announcements.
- At the Spring Budget 2023, the government announced up to £20 billion funding for early deployment of Carbon Capture, Usage and Storage over the next 10 years. On 20 December 2023, the Department for Energy Security and Net Zero (DESNZ) published it’s “vision to establish a competitive carbon capture market by 2035”.
- On 30 March 2023, the government - primarily DESNZ - released a large number of publications in relation to energy security and net zero, including a new consultation on addressing carbon leakage risk to support decarbonisation, the 2023 Green Finance Strategy and the UK Net Zero Research and Innovation Framework: Delivery Plan 2022 to 2025.
- Further to announcements made at the Autumn Statement 2023, the government published on 26 November 2023 the Advanced Manufacturing Plan which aims at investing in the future of this sector in the UK, opening markets and removing obstacles for business. It is supported by £4.5bn of funding including £2bn for the automotive industry, £975m for aerospace, £960m for green industries and £520m for the life sciences sector.
- New Energy Security and Net Zero Secretary Ed Miliband released his top 5 priorities on 8 July 2024 which include clean power by 2030, setting up Great British Energy, creating jobs including in the North Sea and leading on climate action (domestically and internationally). Further Labour manifesto pledges are likely to become reality in the coming months such as the changes to the energy windfall tax and investment decisions in Solar, Wind and Nuclear together with carbon capture usage and storage and green hydrogen, possibly as early as the Autumn Budget, on 30 October.
- Timing: this is a continuing area of development, so there is no specific timeframe for changes.
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