Business News Round Up (11/11/2021)
Scotland sets out £100m green hydrogen plan
A five-year plan to build Scotland’s hydrogen economy and deliver the technology to provide nearly a sixth of the nation’s energy needs by 2030 has been published. Backed by more than £100m (€117m) of funding, the draft Hydrogen Action Plan sets out the strategic approach the Scottish Government will take. It will work with industry to help make Scotland become a leading nation in the production of reliable, competitive, and sustainable hydrogen. The five-year capital investment programme will focus on supporting regional renewable hydrogen production hubs and renewable hydrogen projects. The first tranche of investment will be a £10m Hydrogen Innovation Fund, to be launched next year to drive technological progress and advance innovation and cost reduction within the emerging sector. Separately, the Scottish Government’s Energy Transition Fund is being expanded to up to £75m to deliver £15m of investment in an Aberdeen Hydrogen Hub.
https://renews.biz/73546/scotland-sets-out-100m-green-hydrogen-plan/
UK economy slows sharply in third quarter as Covid recovery falters
Britain’s economic growth slowed sharply in the third quarter, with gross domestic product growing just 1.3% in a further sign the economic recovery is faltering amid supply chain challenges. The lower growth in the three months to September 30 was a marked slowdown on the 5.5% growth recorded in the second quarter, according to the Office for National Statistics, when easing coronavirus restrictions caused a rebound in activity. Despite the faltering growth, Chancellor of the Exchequer Rishi Sunak was upbeat and said the economy is continuing its recovery from Covid “thanks to schemes like furlough” with the unemployment rate falling for eight months in a row and Britain on track for the fastest growth in the G7 this year. “As the world reopens we know that there are still challenges to overcome,” Mr Sunak said. “We’re continuing to support businesses, jobs and people so that we can achieve our vision of a high-skill, high-productivity economy where work is rewarded.” While the UK’s services sector was the biggest driver of growth, expanding 1.6% over the three-month period, with accommodation and food services expanding 30% and the arts and entertainment by 19.6%, other sectors were less buoyant.
Scottish Enterprise sign deal to partner with Japanese infrastructure group
Scottish Enterprise has signed a Memorandum of Understanding (MoU) with the Marubeni Corporation to explore opportunities in floating offshore wind and green hydrogen. The low-carbon collaboration agreement between Scotland and Japan was strengthened following the signing of the deal between the national economic development agency and the Japanese power and infrastructure conglomerate. The collaboration identified three areas to focus on: decarbonising projects, knowledge sharing and supply chain establishment. The decarbonising projects will include floating offshore wind and the development and installation of energy management systems. The supply chain establishment will include the establishment of an offshore wind supply chain and a green hydrogen value chain, while the knowledge sharing part of the agreement will include hosting joint educational programs between Japanese and Scottish university students.
https://www.insider.co.uk/news/scottish-enterprise-sign-deal-partner-25430804
UK funding to support developing cities and regions transition to net zero by 2050
The UK government has launched the new Urban Climate Action programme (UCAP) to support the cities and regions in developing countries most impacted by climate change to accelerate their transition to net zero. Backed with £27.5 million of new UK government funding as part of the UK’s International Climate Finance commitment, the programme will support cities across Africa, Asia, and Latin America to take action to tackle climate change and create a sustainable future, by helping them to become carbon neutral by 2050 and prepare low-carbon infrastructure projects. The programme will help cities like Nairobi, Kuala Lumpar, and Bogotá develop low-emission public transport systems, renewable energy generation, sustainable waste management, new climate-smart buildings codes and climate risk planning. To date over 1,000 cities and regions across the world – over a fifth of the global urban population – have committed to slashing their emissions to net zero by 2050.