"This announcement secures cheap, home-grown, clean energy for the UK". However, according to the document, the United Kingdom is still on track to miss the fifth carbon budget - which runs from 2028-2032 - by 60 megatonnes of CO2 equivalent.
The measures include up to GBP 557 million (USD 738m/EUR 622m) of funding for future contract for difference (CfD) auctions for less established renewables such as offshore wind that was announced yesterday.
Other components of the 165-page plan indicate the government plans to end the sale of all new conventional petrol and diesel cars and vans by 2040, phase out the use of unabated coal to produce electricity by 2025, and develop new offshore wind and nuclear energy projects.
In a 164-page document crammed with 50 low-carbon policies and plans, the Government has planted the seeds for a new era of green economic growth which replicates the offshore wind model and offers major opportunities for United Kingdom plc. "They have listened to the industry by providing a clearer longer-term trajectory for improving the energy efficiency standards of existing homes, and adopted our own aspiration for upgrading as many of these as possible to EPC Band C by 2035". This unbelievable cost reduction is a reminder of what innovative industry can deliver when backed by competitive auctions. Funding is also earmarked for low emission taxis and buses, as well as walking and cycling.
The plan aims to ensure an affordable energy supply for businesses and consumers, increase productivity, create jobs and help protect the climate and environment. The next Contracts for Difference auction is planned for spring 2019.
Less established renewable energy projects will include offshore wind, biomass, energy-from-waste technologies and combined heat and power projects.
The highly anticipated strategy comes nine months after it was promised, having been beset by delays from political events such as last year's European Union membership referendum, subsequent Brexit negotiations and June's General Election.
According to the U.K. Department for Business, Energy and Industrial Strategy, the Clean Growth Strategy builds on progress made by the country to date. The UK Government has much more work to do in putting forward credible policies to close a carbon gap of almost 10% by 2032. Emissions are down by 42 percent, while the economy has grown by 67 percent. However, much of the Carbon dioxide reduction so far has been secured by phasing out coal-fired power plants, and as such facilities fall off the United Kingdom grid more new policies are needed to ensure continued decarbonisation into the 2020s and beyond.