The government has announced it will spend £375 million on supporting “innovative energy technologies” to power UK homes and businesses.

The investment includes £240 million to support the production of hydrogen, £2.5 million of funding to develop “next-generation” nuclear tech, and £5 million towards research into carbon capture.

The announcement comes after the prime minister unveiled the ‘British energy security strategy’ on Thursday, which outlines how the UK plans to accelerate the deployment of wind, new nuclear, solar and hydrogen, while also "supporting the production of domestic oil and gas in the nearer term". The government says that this could mean 95 per cent of electricity in the UK is low carbon by 2030.

“This investment will unlock the enormous potential of hydrogen, advanced nuclear reactors and carbon capture to level up the UK energy landscape and deliver for businesses and households,” said business and energy secretary Kwasi Kwarteng. “High gas prices and Russia’s aggression in Ukraine have highlighted the urgent need to produce more of our energy here in the UK.

"That’s why we have set out bold plans to harness clean, cutting-edge, homegrown technologies and build the energy security we need for the future.”

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