As part of its decarbonisation agenda the government has announced that it will invest nearly £80 million towards reducing carbon emissions across homes and energy intensive businesses. The announcement forms part of wider efforts to ensure the UK meets its legally binding target to reach net zero emissions by 2050.
The investment will also "save people money on energy bills and protect jobs in heavy industry" according to Energy Minister Kwasi Kwarteng.
The funding announced includes:
- £30 million towards the first phase of the Industrial Energy Transformation Fund (IETF), which helps energy intensive industries cut their carbon emissions. The IETF allows manufacturers with high energy use to apply for grants to support the installation of energy saving technologies that will help them cut energy bills and improve their environmental performance. This represents a great opportunity manufacturers to take big steps towards their own net zero or climate action goals.
- £25 million for heat networks which reduce carbon and cut energy bills for customers, including one network utilising heat from water in disused mines.
- £24 million towards nine innovation projects, which help to develop energy efficient homes through insulation and other technologies. The majority of this will fund the installation of heat pump trials in 750 homes across the UK, while £7.7 million will for installing green technology and insulation in more than 300 council houses and £1.8 million will be spent on the development of innovative green home finance products by lenders.
Net zero, climate action and energy efficiency are increasingly priorities for businesses. The latest announcements, and the wider Net Zero and green recovery packages, represent opportunities not only for energy intensive businesses but all businesses working in or with the housing, manufacturing, construction, infrastructure and clean energy sectors.
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