The 2024 Autumn Budget has been revealed, and while energy hasn’t featured as prominently as topics like health, housing, and transport, it remains a critical area for industrial and commercial businesses. The government’s focus on economic stability amid inflation has shaped its approach, but there are significant developments in energy that warrant attention. Let’s explore the key points that could impact the energy landscape for UK businesses.
1. £3.9 Billion for Carbon Capture and Storage (CCS)
The government has allocated £3.9 billion for CCS, signalling a robust commitment to reducing industrial emissions. This investment is aimed at encouraging businesses to adopt technologies that capture and store carbon emissions, making it easier for them to meet decarbonisation targets. As industries grapple with the push towards net-zero, this funding could provide the support needed to implement CCS solutions effectively.
2. Green Hydrogen Production Funding
The budget includes a focus on green hydrogen, with funding set aside to promote its production. This move is particularly significant for sectors seeking to reduce carbon footprints while maintaining energy reliability. Green hydrogen has the potential to decarbonise heavy industries and complement renewable energy sources, making it a valuable component in the UK’s energy transition strategy.
3. Electric Vehicles (EVs) Incentives Extended
Incentives for EVs have been extended in the budget, which is good news for businesses with fleet operations. The continuation of low Benefit-in-Kind (BIK) tax rates and increased support for charging infrastructure reflects the government’s aim to encourage the transition to electric transport. Businesses can benefit from integrating EVs into their operations, which can lead to lower operational costs and reduced emissions.
4. National Wealth Fund and Nuclear Development
The creation of a £70 billion National Wealth Fund aims to support renewable energy projects and green technologies, providing a substantial resource for businesses looking to innovate in the energy sector. Additionally, the £2.7 billion investment in Sizewell C indicates the UK’s commitment to nuclear energy as part of its diversified energy strategy. These initiatives signal a strong push towards enhancing energy security and sustainability.
5. Emphasis on Energy Efficiency and Independence
The budget underscores the need for energy independence, urging businesses to focus on energy efficiency and resilience. By generating and managing energy locally, companies can reduce their reliance on the grid and potentially lower costs. This shift towards more independent energy practices not only supports individual business operations but also aligns with the UK’s broader climate objectives.
Discover How Wattstor Can Help
As the energy landscape evolves, it’s essential for businesses to stay informed and adapt to these changes. At Wattstor, we offer innovative energy management solutions tailored to meet the needs of industrial and commercial sectors. Our technologies can help you optimise energy use, reduce costs, and support your journey towards decarbonisation.
To learn more about how Wattstor can assist your business in navigating these developments and enhancing your energy strategy, get in touch with our team today. Together, we can build a sustainable future that meets your energy needs and aligns with national objectives.