Bosses from leading businesses looking to build a green recovery today vowed to invest £1.5bn in hydrogen technologies as they called on Chancellor Rishi Sunak to lay the foundations for a UK-wide hydrogen strategy.
In a letter to the Chancellor the campaign group, Hydrogen Strategy Now, set out a commitment to unlocking investment, creating jobs and slashing emissions. They argue that developing a clear, strategic plan will unlock significant private funding in hydrogen technologies and manufacturing across the country, driving growth and generating hundreds of thousands of green jobs.
The cross-industry group, which combined employs around 100,000 people and has a value of £100bn in the UK, stands ready to invest up to £1.5bn in hydrogen projects and create thousands of jobs across the country.
Attracting cross-party support, the collective believes the UK has the potential to become a global leader in low-carbon hydrogen technology, but it must move fast to realise this opportunity and achieve the maximum economic benefit.
It follows announcements from the European Commission for its multi-billion-euro green recovery plan, with both Germany and Canada also outlining large-scale fiscal support for kick-starting their hydrogen economies.