Over £116m in new funding set to boost green innovation across the UK
Over £116m in new government funding will boost green innovation across the UK as efforts to help businesses reduce their carbon emissions continue.
The funding will see projects across the country develop new technologies that increase energy efficiency in homes and buildings, reduce carbon emissions, boost the UK’s energy security and provide cleaner ways to generate power and heat. The investment will see the projects play a key part in the UK’s green industrial revolution, putting British business at the forefront of green innovation – helping to generate green jobs and kickstart millions of pounds of private sector investment.
Businesses developing technologies new to the UK are able to bid for a share of £64m in government funding supporting projects that will capture carbon emissions and remove greenhouse gases from the atmosphere – through the Direct Air Capture and Greenhouse Gas Removal programme.
This government funding will support companies across the UK to put cutting-edge technology in operation, which will stimulate further investment from the private sector, and help develop UK expertise in this area.
Projects supported under the first phase of the programme include a range of innovative green technologies such as using absorbents that can capture CO2 directly from the air (Direct Air Capture) and capturing the CO2 stored in natural material such as waste wood through combustion to produce energy (Bioenergy with Carbon Capture). Through this new funding under the second phase, these projects will be developed from the design stage into demonstration projects, which could scale up to be commercial projects by 2025.
Energy and Climate Change Minister Greg Hands said: “This £116m government investment will support businesses across the nation to turn their green ideas into reality, and to develop ground-breaking projects that save energy, slash utility bills and tackle pollution. British businesses and entrepreneurs are already leading the world with innovative solutions to tackling climate change. This is not only good for the planet, but will bring new jobs and investment across the UK.”