£80m funding boost to cut emissions from homes and industry

Energy Minister Kwasi Kwarteng has announced nearly £80m of government investment to help cut carbon emissions from homes and energy-intensive businesses.

The funding will be invested in a wide range of programmes, including pioneering heat networks and an innovative new programme to bring down the cost of retrofitting residential properties with the latest energy efficiency technologies.

Funds announced today include:

• £30m towards the first phase of the Industrial Energy Transformation Fund (IETF), which supports energy intensive manufacturers, like car factories and steel plants, to cut their carbon footprint
• £25m for heat networks, which reduce carbon and cut heating bills for customers, including one which will harness geothermal water sitting in disused mines to heat 1,250 homes
• £24m for innovative projects to help develop energy efficient homes by installing green tech and insulation in houses

Energy Minister Kwasi Kwarteng said: “We want to invest now to ensure we continue to propel the UK towards a stronger, greener future. This new £80m investment will help to reduce emissions across our economy, which will save people money on energy bills and protect jobs in heavy industry.”