Grant Shapps to announce multi-billion pound 'energy revolution'

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Grant Shapps is set to announce a multi-billion pound investment in what the government has called an 'energy revolution', with a move towards more affordable energy and cleaner.

In a major speech, the Energy Secretary will unveil a 'radical shift' in the UK's energy system away from fossil fuels.

This includes announcing the first projects in the Carbon Capture Project, a £160m fund to support floating offshore wind projects, and the start of a new round of a program designed to incentivize investment in renewable electricity.

However, Thursday's announcement will be limited in scope after Chancellor Jeremy Hunt admitted on Wednesday that the government will not present its response to US and EU green industrial strategies until the fall .

Asked at the Treasury Committee about the risk of the UK being squeezed out by the US and the EU, Mr Hunt said: 'I said in the budget that I would return in the autumn statement with a fuller response and there was a reason for that, which is that I want the UK to stay competitive.

< p>“And I needed to see – what I couldn't do in the [March] budget – what was the EU response going to be before we formulated our full national response. So we'll come back to that, and we're doing a lot of very detailed work.

It comes as the Chancellor accused US President Joe Biden of leading a race for 'misleading' green subsidies and warned that the UK will not go along with the US. United or EU by offering billions in green grants or tax breaks.

< p>Jeremy Hunt accused Joe Biden (photo) to lead a ‘distorting’ green subsidy race

(Copyright 2023 The Associated Press. All rights reserved.)

Written in The Times, Mr. Hunt said Britain would focus on a "growth-friendly regulatory regime" which he hopes will incentivize private investment and ensure the competitiveness of the UK market.

The admission by Mr Hunt means the current policy Mr Shapps' unveiling - which has been informally dubbed Green Day - focuses solely on energy security and lacks the plethora of climate and energy policies expected by CEOs. company.

Greenpeace UK's climate manager, .. .