UK Government Passes New Energy Act 2023 To Reduce Bills

UK Government Passes New Energy Act 2023 To Reduce Bills - Carbon Herald
Source: Chait Goli

The UK government just passed a new set of energy laws – the Energy Act 2023 – with the aim of reducing energy bills, while also achieving net zero targets in a more sustainable way. 

Called the Energy Act 2023, the new legislation was given Royal Assent, meaning it was approved by the monarch – the final step of having a bill be turned into an Act of Parliament. 

Now that the Energy Act 2023 is in force, it will aim to deliver a range of new measures, including such that will support onshore power networks and will reduce the costs for their operation and development. 

With the help of the new laws, the government hopes to save UK households as much as £1 billion (~$1.2 billion) per year on energy bills alone by 2050, thus helping the nation achieve net zero emissions by mid-century in a more “pragmatic, proportionate and realistic way”.

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Olivia Powis, UK Director at the CCSA said: “The CCSA welcomes Royal Assent for the Energy Bill, which provides the enabling legislation for CCUS business models, and builds on significant progress for the technology this year. To fully capitalise on this opportunity, we encourage the government to commit to timely cluster delivery, a transparent deployment plan to 2035, streamlined permitting processes, a robust supply chain and enhanced public support. Measures in the new Energy Act will enable us to unlock the full potential of CCUS and further advance our nation toward a cleaner, more sustainable future, helping to ensure the UK’s Green Economy has the opportunity to lead the next Industrial Revolution.”

Aniruddha Sharma, CEO and Chairman of Carbon Clean, a leader in revolutionising carbon capture solutions, also commented on the occasion:

“Carbon Clean welcomes the passage of the Energy Act, a milestone for meeting the UK’s decarbonisation goals, creating a legal framework for the support schemes needed to make carbon capture a reality. The Act also contains key provisions to regulate the future carbon capture, utilisation and storage (CCUS) industry, which will help ensure the sector delivers value for money as it grows and maintains public support. The Act lays solid foundations, and the challenge now, for industry and policymakers alike, is to build on these foundations and scale-up the UK’s CCUS sector as quickly as possible.”

Read more: CCSA Report Highlights Huge Economic Potential Of Carbon Capture For The UK

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