Boom or Bust: What the Budget Means for the Future of Hydrogen

This year’s budget, the first Labour one delivered in 14 years, has been the focus of the news agenda as tensions and rumours flew across every corner and sector in the UK. 

The Budget certainly lived up to the hype, with a fiery response from the Leader of the Opposition, Rishi Sunak. However, peeling away from the politics and rhetoric, there were some significant announcements in the hydrogen sector.

While it an hour for us to get into the details of the energy landscape over the next parliament, we heard about some already announced schemes and projects such as GB Energy and the £22bn commitment to invest in CCS and hydrogen.

Budget announcement for green industry was worth the wait

Addressing the commons, she explained: “Today we are confirming our plans to capitalise the National Wealth Fund to invest in industries, gigafactories, and ports to drive forward our modern industrial strategy.”

Within this fund, there was a declaration of 11 new green hydrogen projects across England, Scotland, and Wales that will take advantage of existing industrial assets and geographical advantages.

Details of the projects will be unveiled in the coming weeks

While the details of this projects will be revealed over the coming weeks, it is welcomed news by many working in the renewable sector; especially considering recent uncertainties surrounding cuts and future financing of renewable projects.

Adding to this, the Chancellor explained:  “They’ll be among the first commercial-scale projects in the world, and will be established in several communities, including Bridgend, East Renfrewshire and Barrow-in-Furness.”