The UK government on Monday announced a GBP-166.5-million (EUR 192.6m/USD 235.8m) funding package to develop green technologies and help decarbonise polluting industries.
The funding will support the development of hydrogen, carbon capture and greenhouse gas removal technologies. It includes GBP 60 million to further low-carbon hydrogen. Half of this will back technologies to a market entry stage, while the other half will support a few more developed projects.
According to the announcement, the total investment will create more than 60,000 jobs across the UK. It is in line with the UK government’s 10 Point Plan for a green revolution unveiled six months ago and will help the country meet its emissions reduction goals.
Energy-intensive sectors are getting GBP 16.5 million through the Industrial Energy Transformation Fund to cut emissions. Projects include Tate & Lyle to decarbonise its London sugar refinery and Celsa Manufacturing to install new technologies for a more energy efficient production of steel from scrap metal.
“Today’s major cash boost – targeted at our most polluting industries - will encourage the rapid development of the technologies we need to reign in our emissions and transition to a green economy, one that reduces costs for business, boosts investment and create jobs,” said energy minister Anne-Marie Trevelyan.
Of the total funding GBP 86 million comes from the government’s GBP-1-billion Net Zero Innovation Portfolio.
(GBP 1.0 = USD 1.416/EUR 1.156)
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