Spring Budget 2024 – Key Energy and Environment announcements

Article summary

In the Spring Budget 2024, presented on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced additional funding for the Green Industries Growth Accelerator and for automotive and aerospace technologies. Announcements were also made around the extension of the Energy Profits Levy, the regulation of Environmental, Social and Governance (ESG) ratings providers and the parameters for the Contracts for Difference Allocation Round 6. The Chancellor also discussed the Carbon Border Adjustment Mechanism, the government's civil nuclear ambitions, and reforms to planning and grid connection processes. Andrew Todd, partner at Eversheds Sutherland and CW Energy LLP share their views on the announcements.