As part of Prime Minister Boris Johnson’s Green Revolution to cut emissions to net-zero by 2050, a ban in the sale of new petrol and diesel cars will be imposed from 2030 in Britain, five years earlier than planned.
The movement would mobilize GBP12 billion (USD16 billion) of government money. From the private sector, it would mobilize three times that amount and push 250,000 employments by 2030.
As part of the plan, the government offers GBP582 million (USD772.6 million) to cut prices for people who purchase zero or ultra-low emission vehicles.
Additional GBP200 million (USD265.5 million) would finance industrial clusters mustering technology to capture, store, and use carbon dioxide emissions by the mid-2020s. The total investment could amount to GBP1 billion (USD1.3 billion) with the other two hubs projected by 2030.
Sites in northern England, including the Humber region and Teesside, and Port Talbot in south Wales, where industrial carbon capture projects are being developed at sites such as steelworks, are seen to be benefited by the funding.
Johnson has also promised to raise the country’s offshore wind power to 40 GW by 2030 from the current 10 GW. The budget is estimated to GBP500 million (USD663.7 million) for projects trailing the use of hydrogen including for home heating and cooking.
Other than that, the government also pledged GBP525 million (USD697 million) to develop large- and small-scale nuclear plants.
