The government is on the hunt for the most effective ways to help cut industrial greenhouse gas emissions, as part of a £315m investment drive in decarbonising heavy industry to help reach net zero by 2050.
The government last week set out plans to drastically improve the energy efficiency of commercial buildings, with businesses set to benefit by saving up to £1bn a year on their energy bills by 2030. This includes improving the energy performance of rented commercial buildings and setting a minimum energy efficiency standard of Energy Performance Certificate (EPC) band B by 2030.
The Industrial Energy Transformation Fund (IETF) will help businesses with high power use, such as energy-intensive industries, to cut their bills and carbon emissions through investing in efficiency measures. It will shrink industrial emissions by around two million tonnes between 2028 and 2032 – the equivalent of taking nearly 200,000 cars off the road every year. This consultation seeks views on how the fund will work.
Business, Energy and Clean Growth Minister Kwasi Kwarteng said: “The UK is already cutting emissions faster than any other major economy and we’re the first to legislate to end our contribution to climate change entirely. Eliminating emissions from industry is key to achieving this, but doing so does not have to mean compromising our business success. That’s why we’re bolstering our investment in clean growth.
“Ensuring energy intensive businesses are equipped with the latest low-emission technologies will not only helps our transition to net-zero, but will also ensure these companies are more agile and competitive going forward – creating new skilled, well-paid jobs.”