The UK government has announced a new £220 million investment programme to support businesses in the most polluting industries to reduce their fossil fuel use and carbon emissions.
The announcement comes ahead of the UK’s hosting the COP26 global climate change summit in Glasgow.
Businesses have been invited to bid for a share of funding for green projects in the most energy intensive sectors, including pharmaceuticals, steel, paper, and food and drink. Projects supported by the investment include carbon capture and the deployment of heat recovery technology to help businesses reduce fossil fuel use and cut their energy bills.
Businesses can bid for up to £30 million in grants, on top of funds already released through the Industrial Energy Transformation Fund. Heavy industry is responsible for 16% of the UK’s CO2 emissions, and must cut its impact by two-thirds if the nation is to meet its target of achieving carbon neutrality by 2050.
Business & Energy Secretary Kwasi Kwarteng said:
Through this new fund, we’re stepping up efforts to clean-up industry as we transition to a low-carbon economy.
“Not only will this major investment support energy-intensive industries to cut pollution, it will help companies save money on energy bills and support jobs as we fight to ensure British industry remains globally competitive.”
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