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Hydrogen: Finance

Question for Department for Business, Energy and Industrial Strategy

UIN 185266, tabled on 21 April 2021

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with the Chancellor of the Exchequer on financial support for (a) green hydrogen and (b) blue hydrogen projects.

Answered on

26 April 2021

I meet with my Rt. Hon. Friend Mr Chancellor of the Exchequer regularly to discuss all aspects of my portfolio.

My Rt. Hon. Friend the Prime Minister’s 10 Point Plan confirmed our aim, working with industry, for 5GW of low carbon hydrogen production capacity by 2030 for use across the economy.

The UK has expertise and assets to support both electrolytic (green) and Carbon Capture Utilisation and Storage (CCUS) enabled (blue) hydrogen.

This ambition will be supported by a range of measures, including a £240 million Net Zero Hydrogen Fund and our hydrogen business models and a revenue mechanism to bring through private sector investment.

We will be consulting shortly on these measures, alongside the publication of the UK’s first ever Hydrogen Strategy.

Answered by

Department for Business, Energy and Industrial Strategy
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