In brief
The UK is moving £1.7bn from its net zero budgets to defence.
Carbon capture loses £200m, hydrogen £500m, and the Warm Homes Plan £1bn. The Boiler Upgrade Scheme survives intact. Great British Energy keeps its £8.3bn.
The reshuffle is not surprising: security budgets expand, climate budgets absorb the pressure. What is less familiar is the choice of what to protect. Heat pumps for homeowners survive. Grants for low-income retrofits are "mostly" protected. Hydrogen, the most speculative of the low-carbon bets, takes the deepest cut.
The signal is not that the UK is retreating from net zero. It is that the Treasury has begun ranking the transition. The rankings will be contested.
