A Breakdown of the UK’s Budget for Sustainability

Updated: April 29, 2024
Thinking back to last month, Jeremy Hunt, the Chancellor of the Exchequer, made headlines as he unveiled the Spring Budget. His announcement showcased a range of key initiatives aimed at steering the country towards a greener, more sustainable future, with a notable focus on energy.
  • Investing in Clean Energy: A massive £120 million has been set aside for a clean industry fund. This fund will support various sectors pivotal to the UK’s energy transition, including electric vehicles, low-carbon aircraft technology, battery storage solutions, offshore wind farms, and carbon capture projects.  
  • Nuclear Power: The government has committed £160 million to developing two nuclear sites. While one location remains undecided, the other is confirmed to be built in North Wales, with ownership from Hitachi Japan. This move emphasises a strategic shift towards nuclear energy as part of the UK’s energy mix, as it will reduce carbon emissions and ensure long-term sustainability.   
  • Windfall Tax Extension: The windfall tax was introduced because of the Russia-Ukraine conflict due to the surge in gas prices. This meant that North Sea oil and gas companies were taxed more, which targeted the profits of these companies. The announcement was that the government decided this tax would be extended an extra year for the companies to 2029 rather than 2028.   

However, among these commitments, one notable absence was the lack of specific investment in plans to achieve net zero goals, not just for businesses but for the country.   

While the Spring Budget gives us a rough idea of what’s to come, businesses must remain adaptable in navigating the evolving landscape of energy transition and sustainability.   

We are dedicated to supporting your journey towards net zero with tailored solutions for your exact business requirements. Call our experts today on 0191 303 7750, Monday through Friday, from 9 am to 5 pm.