The UK Energy Balancing Act: Net Zero and Energy Security

The United Kingdom (UK) has had to balance its net-zero ambitions with energy security after suffering from a price shock in 2021 that increased the cost of energy and forced them to stop importing Russian natural gas. 

This week, Lord Martin Callanan, the UK’s Parliamentary Under Secretary of State (Minister for Energy Efficiency and Green Finance) at the Department for Energy Security and Net Zero, joins the podcast. His responsibilities include CCUS, hydrogen, green finance, energy efficiency, and emissions trading. 

Here are some of the questions Jackie and Peter asked Lord Callanan: How do you respond to those that oppose the licensing of new North Sea oil and gas developments? Has the UK changed its policies or subsidies to compete with the US Inflation Reduction Act (IRA)?  How can a carbon-market approach with price volatility compete against the certainty of the IRA-style, subsidy-based policy? How does the UK structure offshore wind, nuclear, CCUS, and hydrogen incentives to attract capital?   

Content referenced on this podcast:  

• See the live power generation on the UK’s National Grid: https://grid.iamkate.com/ 
• See the latest carbon clearing prices in the UK Emissions Auctions: https://www.ice.com/marketdata/reports/278  

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