The energy security bill announced as a part of the Queen's Speech was introduced into Parliament this week by Kwasi Kwarteng, Business and Energy Secretary.
The government calls the bill, which contains 26 measures, "the most significant piece of energy legislation in a decade".
The bill will help "drive an unprecedented £100 billion of private sector investment by 2030 into new British industries" to help diversify domestic energy supply, including hydrogen and offshore wind, and support around 480,000 green jobs by the end of the decade, according to the government.
Measures set to be introduced include those to support the deployment of low-carbon technologies at scale such as carbon, capture, usage and storage (CCUS) and hydrogen, which the government states will help to "drive investment by giving businesses the certainty they need". The government added that it is "determined to ensure Britain secures a ‘first-mover advantage’ in seizing the global market share in these technologies, helping to attract new private capital into the UK which will create jobs and reindustrialise parts of the country".
Kwarteng said: "To ensure we are no longer held hostage by rogue states and volatile markets, we must accelerate plans to build a truly clean, affordable, home-grown energy system in Britain.
"This is the biggest reform of our energy system in a decade. We’re going to slash red tape, get investment into the UK, and grab as much global market share as possible in new technologies to make this plan a reality.
"The measures in the energy security bill will allow us to stand on our own two feet again, reindustrialise our economy and protect the British people from eye-watering fossil fuel prices into the future."
Reforms not delivered
Greenpeace UK’s head of politics, Rebecca Newsom, said: “This energy bill had the opportunity to deliver on the government’s goal of 95% decarbonised electricity by 2030, delivering the necessary laws to upgrade the Grid and meet our domestic and international obligations. Instead, despite a few positive sprinklings of support for solutions like heat pumps to clean up how we warm our homes, the most pressing reforms have not been delivered.
“The government should be delivering vital measures needed to promote a renewable-centred energy system, like introducing a net zero duty for our energy regulator. Yet, Kwasi Kwarteng appears to be more interested in making another backdoor attempt to clamp down on brave protestors pushing for a transition away from fossil fuels and failing to account for the real emissions impact of oil and gas extraction and use. Ministers should bring forward urgent amendments to salvage this bill and avoid fundamentally undermining the UK’s ability to meet our climate commitments.”