Autumn Statement: reflection from our chair
The Chair of Hydrogen South West, Andy Clarke, has released the following remarks on the Government’s confirmation of £4.5 billion in support for the manufacturing sector as part of the Autumn Statement.
“Today’s confirmation from the Government of substantial investment in clean energy manufacturing is welcome news for Hydrogen South West and the wider hydrogen sector. The Green Industries Growth Accelerator will set our sector on the right path to becoming an integral part of the green economy by stimulating private investment, and will allow us to take the next steps in fulfilling the Government’s targets for hydrogen production. We trust that this is the first step in the levels of investment needed to enable us to capitalise on our strength in R&D, so that we turn outstanding innovation into commercial success.
As Chair of Hydrogen South West, I know how urgently the sector and the region have needed certainty and clarity from the Government on its plans for hydrogen development. This announcement goes some way to providing that, and whilst it is unlikely to yield the same levels of private investment and job creation seen elsewhere in the world, will give businesses looking to invest in the UK a firmer footing in a sector with vast untapped potential.”
The Government has committed to £960 million for a Green Industries Growth Accelerator from 2025 to support clean energy manufacturing and “support the expansion of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind”. The Government has also announced plans to launch a hydrogen industry taskforce, delivered in partnership with the Hydrogen Innovation Initiative and Innovate UK, “supporting our ambition to maximise investment opportunities for UK manufacturing of hydrogen propulsion systems.”
Today’s confirmation of support for manufacturing came as part of the Autumn Statement, where the Chancellor of the Exchequer Jeremy Hunt delivered an economic update and announced a number of fiscal and policy measures, including fiscal support for engineering and manufacturing apprentices, updates on government Investment Zones, and extensive reforms to planning rules and the electricity grid. He told MPs that this was an “Autumn Statement for a country that has turned a corner. An Autumn Statement for growth”.