Hydrogen: Investment

(asked on 4th September 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Business, Energy and Industrial Strategy on supporting private investment in UK hydrogen projects.


Answered by
Kemi Badenoch Portrait
Kemi Badenoch
President of the Board of Trade
This question was answered on 9th September 2020

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, known as “blue” hydrogen.

Furthermore, in 2019, the Government announced a £100m Low Carbon Hydrogen Production Fund to incentivise future private sector investment in low carbon hydrogen, while earlier 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 confidence to provide investment.

Treasury Ministers regularly meet with Ministerial colleagues across Government.

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