The UK's first-ever Hydrogen Strategy is predicted to unlock £4 billion investment funding by 2030 along with 9,000 jobs, rising to £13 billion and 100,000 jobs by 2050.
The Hydrogen Strategy suggests hydrogen usage could be responsible for 20-35% of the UK's energy consumption by 2050, providing a clean alternative to oil and gas. Said Strategy was laid out in the Prime Minister's 10-point plan to create a green industrial revolution, with the aim to create 5GW of low carbon hydrogen production capacity by 2030, which is the amount of hydrogen it would take to power 3 million UK homes a year.
A booming hydrogen economy here in the UK could create 9,000 jobs by 2030, with this potentially increasing to 100,000 by 2050. It is hoped that hydrogen can play a huge part in helping to decarbonise polluting industries such as chemicals, oil refineries, power, and heavy transport.
While the government thinks that 20-35% of the UK's energy consumption by 2050 could be hydrogen-based, it's also been stressed it could be absolutely critical in achieving net zero targets by 2050, cutting emissions by 78% by 2035. "In the UK, a low-carbon hydrogen economy could deliver emissions savings equivalent to the carbon captured by 700 million trees by 2032 and is a key pillar of capitalising on cleaner energy sources as the UK moves away from fossil fuels," the article on GOV.UK stated.
There are doubts over how the government will determine fair subsidy for the multi-billion pound project, and whether the cost will end up being supported by household bills of by the Treasury. The government has promised more clarity later on this year.
Business & Energy Secretary, Kwasi Kwarteng said:
"Today marks the start of the UK’s hydrogen revolution. This home-grown clean energy source has the potential to transform the way we power our lives and will be essential to tackling climate change and reaching Net Zero."
"With the potential to provide a third of the UK’s energy in the future, our strategy positions the UK as first in the global race to ramp up hydrogen technology and seize the thousands of jobs and private investment that come with it."
Energy & Climate Change Minister, Anne-Marie Trevelyan said:
"Today’s Hydrogen Strategy sends a strong signal globally that we are committed to building a thriving low carbon hydrogen economy that could deliver hundreds of thousands of high-quality green jobs, helps millions of homes transition to green energy, support our key industrial heartlands to move away from fossil fuels and bring in significant investment."