Hydrogen: Finance

(asked on 2nd November 2020) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government (1) what discussions they have had and with whom, and (2) what evaluations they have undertaken, in relation to (a) investing in hydrogen projects, and (b) supporting a UK hydrogen strategy, through the upcoming Spending Review.


Answered by
 Portrait
Lord Agnew of Oulton
This question was answered on 16th November 2020

The Government has been working closely with industry and expert groups on hydrogen, including through the Hydrogen Advisory Council.

At Spring Budget 2020, the Chancellor announced at least £800m to establish Carbon Capture and Storage (CCS) in at least two sites. This will play an important role in the production of low carbon hydrogen.

In 2019 the Government announced a £100m Low Carbon Hydrogen Production Fund to encourage private sector investment in hydrogen. We are also investing in innovation, providing up to £121m to support a range of projects to explore and develop the potential of low carbon hydrogen. This includes production, storage and end use in heat, industry and transport.

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