Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what progress his Department has made on the commitment in the Future of Carbon Pricing document to develop a long-term decarbonisation funding stream, funded by UK Emissions Trading Scheme auction income, to support Energy Intensive Industries.
The Department remains committed to exploring long-term options for accelerating the decarbonisation of industry, while maintaining UK competitiveness. The Government has set out an ambitious package of support for industrial decarbonisation, including: the Industrial Decarbonisation and Hydrogen Revenue Support (IDHRS) scheme to fund the new hydrogen and industrial carbon capture (ICC) business models; the £1 billion CCUS Infrastructure Fund, the £240 million Net Zero Hydrogen Fund, and the £289 million Industrial Energy Transformation Fund (IETF). This support will enable the Government to meet its ambitions as set out in the Industrial Decarbonisation Strategy and Hydrogen Strategy.