UK announces two-decade clean energy plan

Britain on Friday announced a 20-year plan to capture carbon and commit to nuclear energy as it strengthens energy supplies and seeks a net zero economy by mid-century.

The project’s investment worth £20 billion ($24 billion) will help to create 50,000 jobs, according to a statement.

Finance minister Jeremy Hunt was set to outline more details in his budget announcement on Wednesday, it added.

Speaking Friday, Hunt said the move would help to avoid a repeat of soaring energy bills that millions of Britons have endured since last year after the invasion of Ukraine by major energy producer Russia tightened global oil and gas supplies.

“We don’t want to see high bills like this again, it’s time for a clean energy reset,” Hunt said in the statement.

“That is why we are fully committing to nuclear power in the UK, backing a new generation of small modular reactors, and investing… in clean energy through carbon capture.”

Energy Security Secretary Grant Shapps said the government wants Britain, “already a global leader in offshore wind power” to reach the same level “for the UK’s nuclear and carbon capture industries”.

In the near-term, the government plan would “drive forward projects that aim to store 20-30 million tonnes of CO2 a year by 2030”.

This would equal emissions from 10-15 million cars, the statement said