Green Energy Update
Climate change is the defining challenge of our time, compelling us to decarbonise our economy, develop energy resilience and invest in new green technologies. The UK has adopted a global leadership position, passing into law a commitment to be net zero by 2050. Positioned geographically and strategically as we are, this positions clean energy as arguably the largest of our game changing opportunities.
The low carbon and energy economy is worth £1.2bn in Greater Lincolnshire and holds exceptional potential. With a private investment level of £60bn over the next fifteen years, major opportunities exist in offshore wind alongside decarbonisation and hydrogen and carbon storage projects in the transforming fossil fuel industries.
The Humber is the UK’s Energy Estuary hosting two of the UK’s six oil refineries and the second largest chemicals cluster and is also leading the way in the green energy revolution pioneering the emerging green technologies that will power the future. Notable industrial decarbonisation projects under way are: Humber Zero; Carbon Capture at Lindsey Oil Refinery (Prax); Gigastack; Humber H2ub. Offshore wind provision is due to triple by 2030 with the development of the Hornsea 2 and 3 providing green energy for over £15m UK homes, resulting in the largest wind farm in the world.
We are also seeing innovative approaches to localised renewable energy generation being developed across Greater Lincolnshire, from battery storage, rooftop vertical wind turbines to hydrogen from waste, with the potential to explore heat networks, geothermal and micro nuclear. These projects demonstrate that Greater Lincolnshire can lead the way in small scale energy generation as well as at the large scale.
Over the last few months, we have welcomed seven new members to the Energy Council and work now begins in earnest to develop a programme of work which will support the energy ambitions of our region.