Enacts an Energy Act focussed on promoting investment in clean technologies
26 Oct 2023
On 26 October 2023, the United Kingdom enacted the Energy Act 2023, a pivotal reform in the energy system with a primary focus on promoting investment in clean technologies and achieving the United Kingdom's net-zero targets.
One of the key initiatives includes the establishment of a framework for the licensing of carbon dioxide transport and storage activities, a move that is crucial for the advancement of the Carbon Capture, Utilization, and Storage (CCUS) infrastructure. By setting clear regulations and responsibilities, the Act aims to create a more predictable environment for investors looking to fund CCUS projects.
The Act also regulates and supports hydrogen production and transportation and introduces a market-based mechanism to incentivize low-carbon heat, while requiring manufacturers of fossil fuel heating appliances to increase sales of low-carbon heat pumps as a proportion of their total appliance sales.
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Type:
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Entry and establishment (Approval and admission)
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Treatment and operation (Operational conditions)
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Promotion and facilitation (Investment facilitation , Investment incentives)
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Industry:
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Not industry specific (SDG)
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Services (Electricity, gas, steam and air conditioning supply, Transportation and storage)
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Sources:
