2024 Budget Commits £2bn to Hydrogen
The 2024 Budget brings promising news for the hydrogen sector, with a £2 billion investment in 11 new hydrogen projects across the UK. This funding supports the growth of the hydrogen economy, placing hydrogen at the heart of the UK’s clean energy strategy.
Alongside these projects, the government is backing the first contracts for electrolytic hydrogen production, which will harness renewable energy to decarbonise industries and stimulate regional growth. Additional support, including the Industrial Energy Transformation Fund, aims to bolster local economies and sustain green jobs, underscoring hydrogen’s essential role in the UK’s journey to net zero.
Professor Dan Parsons of Loughborough University praised the move, saying, "This is excellent news for the UK’s leadership in the net zero transition. Hydrogen will play a key role in our global decarbonisation journey - from hydrogen jet engines to methods of storing green power, hydrogen holds huge potential.
“It’s encouraging to see the UK government provide confidence to the sector by committing to invest in technologies based on hydrogen solutions.”
The government’s commitment to these projects could accelerate hydrogen advancements, providing the gas industry with vital support to drive forward sustainable solutions.
Read more: Budget 2024 is a positive step towards achieving NetZero, says Loughborough expert
