As part of the Ten Point Plan for a Green Revolution, the last point focuses on developing green finance and innovation.
A GBP 1 billion Net Zero Innovation Portfolio will help to accelerate the commercialization of innovative low-carbon technologies, systems and processes in the power, buildings, and industrial sectors.
Priority areas for innovation and investment outlined in the plan include:
- floating offshore wind, advanced modular nuclear reactors, energy storage and flexibility, bioenergy, hydrogen, direct air capture and advanced CCUS, industrial fuel switching, disruptive technologies such as artificial intelligence for energy
- a GBP 100 million investment in brand-new Greenhouse Gas Removal technologies, including Direct Air Capture and an additional GBP 100 million for Energy Storage and Flexibility innovation challenges
- GBP 222 million for the STEP programme (Spherical Tokamak for Energy Production) to support the development of the world's first commercially viable fusion power plant in the UK by 2040, and GBP 184 million for new fusion facilities, infrastructure and apprenticeships to lay the foundations of a global hub for fusion innovation
- Investment in transport innovation with new technologies (GBP 3 million in Tees Valley Hydrogen Transport Hub, GBP 20 million across trials of zero emission heavy good vehicles)
- GBP 170 million to support the green recovery across Latin Am, Africa and Asia, since June 2020
This project is expected to support hundreds of thousands of jobs by 2030, deploy GBP 1 billion of government funding in net zero innovation with GBP 1 billion matched funding and potentially 2.5 billion GBP of follow-on funding from the private sector, while reducing greenhouse gas emissions.