The UK Business and Energy Secretary Kwasi Kwarteng introduced into Parliament on June 6th the landmark Energy Security Bill, part of the Queen’s Speech back in May 2022. The new bill is called the biggest reform of the UK’s energy system in a decade.
It focuses on developing clean energy and upgrading the national grid as a way of securing stability in energy prices against unpredictable global events like the Russia – Ukraine war. The UK Government warrants the legislation as the most ambitious piece of energy legislation in a decade with 26 measures that are estimated to attract around $120 billion (£100bn) of private sector investment by 2030.
Relevant: New British Energy Security Strategy Targets 95% Renewables
The bill is also expected to give a boost to the British economy and create 480,000 green jobs through new clean domestic energy supplies. It includes the development of technologies like hydrogen and carbon capture, along with renewables like offshore wind and solar.
“The measures in the Energy Security Bill will allow us to stand on our own two feet again, reindustrialize our economy and protect the British people from eye-watering fossil fuel prices into the future,” said Business and Energy Secretary Kwasi Kwarteng.
“We’re going to slash red tape, get investment into the UK, and grab as much global market share as possible in new technologies to make this plan a reality,” he added.
Relevant: UK Oil And Gas Authority Renamed To Reflect New Roles In The Energy Transition
New green energy tech like hydrogen is just taking off now globally to become part of the future of energy. The measures aim to support these technologies in order to ensure the UK is a first mover in seizing a global market share. The new private capital they will attract into the country will create jobs and build new infrastructure in parts of it.
The bill will aid the UK in its mission to achieve net zero by 2050 as well as boost cheaper and cleaner system development in general.