Ofgem has officially launched a plan to achieve net-zero emissions from the country’s energy industry by the legally-binding target date of 2050.
The plan was launched by the regulator’s new chief executive John Brearley on his first day in office.
The plan sets out nine strategies to:
- Support the growth of renewables
- Help put 10 million electric vehicles on UK roads within the next decade, roads by 2030
- Support development of an offshore grid to enable a four-fold increase in offshore wind generation by 2030
- Set up an innovation fund focused on unlocking investment in innovative solutions to tackle climate change.
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Ofgem will examine how it can support the rollout of electric vehicles and will publish an Electric Vehicle Strategy which will provide a roadmap on how the grid can better be prepared to meet growing energy demand.
The regulator will work with government to explore how to accelerate the deployment of offshore wind energy projects in a cost-effective manner.
Brearley said: “Britain has come a long way. It has decarbonised faster than any other major economy, but we must go further, particularly on heat and transport. We are taking an approach that recognises that our role protecting consumers includes achieving net-zero.
“As low-carbon renewable energy grows and more transport goes electric, the energy system needs to be more flexible to respond to peaks and troughs in both supply and demand. Our new price controls for network companies will clear the path for this, providing the incentives for investment for the future.
“It is now vital that the energy industry rises to the challenge and demonstrates how it will work with the Government and Ofgem to decarbonise Britain’s energy system at the lowest cost.”