Hydrogen: Investment

Treasury written question – answered on 16th September 2020.

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Photo of Allan Dorans Allan Dorans Shadow SNP Spokesperson (Foreign Affairs Team Member)

To ask the Chancellor of the Exchequer, what steps he is taking to support private investment in the UK hydrogen economy.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

At Spring Budget 2020, the Chancellor announced a commitment of at least £800m for the deployment of Carbon Capture and Storage (CCS) in the 2020s. These assets will play an important role in the production of hydrogen made from fossil fuels, otherwise known as blue hydrogen as they share the same infrastructure. .

Additionally, last year, the Government announced a £100m Low Carbon Hydrogen Production Fund to incentivise future private sector investment in low carbon hydrogen, whilst in July this year, the Government published a response to a consultation on CCS business models, including for low carbon hydrogen production.

These measures will ensure that the UK economy is well-placed for future strategic decisions on the use of hydrogen, and that the private sector has sufficient confidence to provide investment.

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