Fossil fuels still funded as Bulb backed by taxpayers

Fossil fuel firms have received £13.6 billion in UK government subsidies since the Paris climate accord, new data reveals, as Bulb is backed by £1.7 billion in taxpayer money to keep it supplying energy. Meanwhile, a study shows that men’s meaty diets are responsible for 40 per cent more planet-heating emissions women’s, tidal power projects win a £20 million government funding pot, and BP is planning a large-scale green hydrogen plant in northeast England. It’s the Good With Money weekly newsbrief.

UK fossil fuel subsidies hit £13.6bn since Paris Agreement

The UK government has handed the oil and gas industry £13.6 billion in subsidies since the landmark Paris climate agreement was signed in 2015, according to campaign group Paid to Pollute.

From 2016 to 2020 fossil fuel companies received £9.9 billion in tax reliefs for new exploration and production, new data from the Organisation for Economic Co-operation and Development shows. On top of this, they received £3.7 billion in payments towards decommissioning costs.

Tax breaks for decommissioning oil and gas infrastructure in the North Sea are due to be challenged in the High Court in December by campaigners, backed by groups linked to Paid to Pollute.

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Bulb backed by £1.7bn taxpayer money

Green energy firm Bulb has been handed around £1,000 per customer from the UK government to enable it to continue supplying energy.

The firm collapsed into special administration on Wednesday, which will allow it keep trading for now. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have been moved to other suppliers.

The government loan of nearly £1.7 billion will mean the administration is managed in a way that the lights stay on for Bulb’s 1.7 million customers.

Teneo estimates it will cost around £2.1 billion to keep Bulb trading until the end of April next year. Business Secretary Kwasi Kwarteng said he would provide more money for the company if needed.

Without the cash, Bulb would not have been able to keep going past the middle of December, court documents show.

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Men’s meaty diets cause 40% more climate emissions than women’s

Men’s meat-heavy diets are responsible for 40 per cent more planet-heating emissions than those of women, according to a new study.

The research published in journal Plos One also found a quarter of all diet-related emissions were from “optional” food and drink, such as coffee, alcohol, cakes and sweets. The scientists said policies to encourage sustainable diets should focus on plant-based foods but switching drinks and cutting down on sweet snacks presented further opportunities.

A second study found that in western countries, vegan and vegetarian diets were about a third cheaper to buy than regular diets, which the researchers said contrasted with the perception that they were the “preserve of a privileged middle class”.

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Tidal energy awarded £20 million funding pot

Tidal power projects are to get £20 million a year in government funding, in a major vote of confidence in the UK’s fledgling marine energy sector.

Ministers hope the ring-fenced funding for tidal stream projects will help the industry develop and reduce its costs in a similar way to offshore wind power. Business Secretary Kwasi Kwarteng said tidal power could become a key part of the “next generation of renewable electricity projects”.

The announcement forms part of the Contracts For Difference (CfD) renewable energy auction, which guarantees producers a minimum price for every megawatt hour of electricity they produce.

The £20 million for tidal projects brings the total CfD funding for renewables in this round of allocations to £285 million.

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BP plans mega green hydrogen plant in UK

Energy giant BP is planning a large-scale green hydrogen production plant in northeast England to aid the UK’s move away from fossil fuels.

The project, dubbed HyGreen Teesside, aims to produce 60 MWe (megawatt electrical input) of so-called “green” hydrogen, which is derived from wind, water and solar energy, by 2025.

Along with its previously announced “blue” hydrogen project, which is produced from natural gas, the two Teesside plants have the potential to deliver 30 per cent of Britain’s ‎‎2030 target for hydrogen production.

Governments and energy companies are betting on clean hydrogen playing a leading role in efforts to lower greenhouse gas emissions, but its future uses and costs are uncertain.

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