The Bacton gas terminals could become a major hydrogen producer in the coming decades. Bloomberg
The Bacton gas terminals could become a major hydrogen producer in the coming decades. Bloomberg
The Bacton gas terminals could become a major hydrogen producer in the coming decades. Bloomberg
The Bacton gas terminals could become a major hydrogen producer in the coming decades. Bloomberg

UK unveils $5.5bn hydrogen spend to power industry to hit net zero goals


Simon Rushton
  • English
  • Arabic

Hydrogen is emerging as the key ingredient in UK plans to eliminate greenhouse gases by sparking a revolution in the way factories are powered and vehicles are fuelled.

The £4 billion ($5.52bn) hydrogen strategy unveiled on Tuesday shows how Britain hopes to reach a net zero economy for carbon dioxide.

By 2030, the hydrogen economy could be worth £900 million, create more than 9,000 high-quality jobs and help polluting industries such as oil and shipping to decarbonise, the government said.

UK Prime Minister Boris Johnson has been under pressure to act on climate change. In the run-up to the UK hosting the Cop26 climate summit in November, he has set increasingly ambitious targets for slashing carbon emissions to zero.

“Today marks the start of the UK’s hydrogen revolution,” said Business and Energy Secretary Kwasi Kwarteng.

“This home-grown clean energy source has the potential to transform the way we power our lives and will be essential to tackling climate change and reaching net zero.

“With the potential to provide a third of the UK’s energy in the future, our strategy positions the UK as first in the global race to ramp up hydrogen technology and seize the thousands of jobs and private investment that come with it.”

Creating a market

A new hydrogen fuel cell truck made by Hyundai. Reuters/file
A new hydrogen fuel cell truck made by Hyundai. Reuters/file

Ministers plan to use similar incentives to those that helped boost offshore wind production and reduce the price of renewable energy to help it compete with that derived from fossil fuels.

The plan includes both green hydrogen, produced using water and renewable power, and the cheaper blue hydrogen, which has carbon dioxide as a by-product that must be stored permanently underground.

Mr Kwarteng said pursuing both production methods was vital to stimulating a new market. He said relying solely on green hydrogen – at about twice the cost – would be far harder.

The government will make sure that subsidised blue hydrogen was “as pure as we can, as decarbonised as we can”, he said.

Environmental groups have criticised the dual approach. Greenpeace called it a “bad idea both environmentally and economically,” and E3G said it could be a “twin track to nowhere, leaving the climate behind”.

For hydrogen incentives, the government will initially negotiate contracts directly with hydrogen producers, at a level that covers costs and allows a profit.

Then, it aims to introduce a system of competitive auctions, as has happened with other renewable energy in the past decade.

The UK plans to finalise its low-carbon hydrogen business model next year with the aim of allocating the first contracts in the first three months of 2023.

Hydrogen heating houses

An old central heating boiler and a hydrogen boiler side by side. AFP
An old central heating boiler and a hydrogen boiler side by side. AFP

The government also announced a £105 million funding package through its Net Zero Innovation Portfolio that will act as a first step to build up Britain’s low-carbon hydrogen economy.

Investment will help industries develop low-carbon alternatives for industrial fuels, including red diesel used in construction and mining.

By 2050, 20 to 35 per cent of the UK’s energy consumption could be hydrogen-based, according to the government forecasts.

The strategy includes domestic heating trials scaling up from districts to villages to towns over the next decade to lay the foundations for wider post-2030 usage.

“If you consider that 85 per cent of UK homes essentially use gas, we could decarbonise this essentially through use of hydrogen,” Mr Kwarteng said. “That’s very exciting.”

Hydrogen is seen as the main alternative to heat pumps when replacing the gas-fired boilers that warm the majority of UK homes.

The industry sees the potential to blend hydrogen with natural gas to a proportion of up to 20 per cent without the need to modify pipes or home appliances.

That could give ministers an easy way to quickly reduce emissions from home heating and cooking, opening the way for the hydrogen industry to increase that blend over time.

MATCH INFO

Bangla Tigers 108-5 (10 ovs)

Ingram 37, Rossouw 26, Pretorius 2-10

Deccan Gladiators 109-4 (9.5 ovs)

Watson 41, Devcich 27, Wiese 2-15

Gladiators win by six wickets

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

The specs: 2018 Harley-Davidson Fat Boy

Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)

MATCH INFO

Day 2 at Mount Maunganui

England 353

Stokes 91, Denly 74, Southee 4-88

New Zealand 144-4

Williamson 51, S Curran 2-28

Racecard

6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m

7.05pm: Maiden (TB) Dh165,000 (D) 1,400m

7.40pm: Maiden (TB) Dh165,000 (D) 1,600m

8.15pm: Handicap (TB) Dh190,000 (D) 1,200m

8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m

9.25pm: Handicap (TB) Dh190,000 (D) 1,600m

The National selections

6.30pm: Chaddad

7.05pm: Down On Da Bayou

7.40pm: Mass Media

8.15pm: Rafal

8.50pm: Yulong Warrior

9.25pm: Chiefdom

RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

Biography

Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's

 

 

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
Australia squads

ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.

T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Updated: October 07, 2021, 11:59 AM`