• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Government announces £166m green industrial transformation plan

May 24, 2021 by Staff Reporter

The government has today announced a new £166.5m spending plan designed to accelerate the roll out of green technologies across the UK’s energy-intensive industries, predicting the latest phase of its Green Industrial Revolution will help create up to 60,000 jobs.

Unveiling the latest investment, the Department for Business, Energy, and Industrial Strategy (BEIS), said it would benefit energy-intensive businesses like Tate & Lyle, BAE Systems, and Celsa Manufacturing, helping them to cut costs and prepare for the UK’s net zero transition.

The new funding programme is set to support a wide range of research and development and deployment projects, covering technologies such as carbon capture, greenhouse gas removal, and hydrogen. 

“We are determined to tackle climate change and make it win-win for both our planet and our economy,” said Energy Minister Anne-Marie Trevelyan. “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.”

She added that the investment would support the Prime Minister’s 10 Point Plan for the Green Industrial Revolution, which was announced last year and is designed to create up 250,000 jobs and enable both the government’s levelling up and net zero agendas.

“Today we’re boosting our armoury for the fight against climate change and backing innovators and businesses to create green jobs right across the United Kingdom,” she said.

The new investment includes £60m to support the development of low carbon hydrogen projects in the UK, £37.5m to fund early stage greenhouse gas removal technologies, £20m to support the development of next generation Carbon Capture, Usage and Storage (CCUS) technologies, and £20m to establish a new virtual Industrial Decarbonisation Research and Innovation Centre.

A further £16.5m is to be assigned through the Industrial Energy Transformation Fund to develop new technologies and processes that help energy-intensive sectors cut their emissions, while reducing their energy bills. For example, Tate & Lyle is set to receive funding to support plans to decarbonise its London sugar refinery and cut emissions by up to 90 per cent, while Celsa Manufacturing will receive funding to install new technologies that improve energy efficiencies when melting scrap metal and producing steel.

Finally, £8m is to be awarded for innovative projects exploring ways to cut emissions from textiles, ceramics, and concrete, and £4.7m will be used to establish a new Transforming Foundation Industries Research and Innovation Hub, which is to be led by Cranfield University and will help industries like metals, glass, cement, paper and glass work together to curb emissions.

The funding boost came as the government also announced that on Wednesday the newly formed Net Zero Expert Group will meet for the first time, as it works to deliver a series of policy recommendations ahead of the COP26 Climate Summit in Glasgow in November.

The new investment is likely to be broadly welcomed by green business groups. However, opposition parties are likely to question how new the funding is given £86m of the total funding package comes from the government’s previously announced £1bn Net Zero Innovation Portfolio.

Moreover, campaigners and political opponents have repeatedly argued that the government’s ‘green recovery’ funding in support of its net zero goals continues to lag behind the multi-billion dollar low carbon investments being deployed in the US, France, and Germany as part of their post-COVID stimulus plans. As such, campaigners are continuing to call on the government to fast-track long awaited decarbonisation plans, such as the much anticipated heat and building, hydrogen, and net zero strategies.

Today’s funding announcement comes on the same day as business body the CBI published a major new report titled Seize the moment: how can business transform the UK economy?, which calls on the government to prioritise decarbonisation, innovation and ‘levelling up’ as part of sweeping £700bn package that could revitalise the UK economy and deliver on the country’s net zero goals.

>>>ad: Don't Miss TODAY'S BEST Amazon Deals!

Originally Appeared Here

Filed Under: BUSINESS

Primary Sidebar

More to See

Google suffers setback in UK over abuse of ad tech dominance

The UK’s antitrust watchdog started a new investigation of Alphabet Inc.’s Google, over suspicions it may have abused its dominant position across its … [Read More...] about Google suffers setback in UK over abuse of ad tech dominance

Nvidia’s bounce could be a hint that the market has fallen enough for now

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. Dip-buyers have … [Read More...] about Nvidia’s bounce could be a hint that the market has fallen enough for now

For New York Tech, a new marketing campaign

New York Tech has launched a new integrated marketing campaign, appearing on Long Island and in New York City. The “A Place for You” campaign includes … [Read More...] about For New York Tech, a new marketing campaign

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT