United Kingdom– More than $116 million in new government funding will support green innovation in the United Kingdom as efforts to help businesses reduce their carbon emissions continue.
Energy-efficient homes and buildings, lower carbon emissions, improved energy security in the UK, and more environmentally friendly ways to generate electricity and heat will all benefit from this funding, which will be used to support a wide range of projects across the country. It is hoped that the projects will play an important role in the UK’s green industrial revolution, putting British business at the forefront of green innovation and generating green jobs, as well as triggering millions of pounds of private sector investment.
Through a program called Direct Air Capture and Greenhouse Gas Removal, businesses developing new technologies in the UK can apply for a share of the £64 million in government funding that will help them capture carbon emissions and remove greenhouse gases from the atmosphere.
More investment in cutting-edge technology is expected as a result of this funding from the government, as well as a boost in UK expertise in this area.
A variety of cutting-edge green technologies are supported in the program’s first phase, including absorbents that can directly capture CO2 from the air (Direct Air Capture) and the combustion of CO2 stored in natural materials like waste wood to produce energy (Bioenergy with Carbon Capture). Second-phase projects will be developed into prototypes, which could eventually be commercialized by 2025, with the help of this additional funding.
As an added bonus, the UK government has set aside £30 million to help fuel the development of new decarbonization and energy conservation technologies across the country. 58 small and medium-sized businesses (SMEs) will receive grants to develop and demonstrate new energy efficiency, power generation, heat generation, and energy storage technologies as part of the most recent round of funding from the government’s Energy Entrepreneurs Fund.
For the first phase of the Energy Entrepreneurs Fund (EEF), the government had previously stated that it would provide £11 million in funding, but due to the large number of high-quality applications, the government is now offering an additional £19 million. In order to cement the UK as a global leader in green innovation, the government wants to support new ideas and encourage entrepreneurial spirit, particularly from small businesses.
In addition, the government has announced today that it will invest £22.8 million in green innovation support services for small and medium-sized businesses. Businesses funded by the government’s Net Zero Innovation Portfolio will have access to the best possible business development advice thanks to a coalition led by the Carbon Trust. Taking advantage of the funding provided to companies by the Net Zero Innovation Portfolio will allow them to commercialise at a rapid pace and in large quantities.
In addition, the Technical Third Party Support (TTPS) project will provide technical assistance to critical Net Zero Innovation Portfolio projects, which will help the government reduce the cost of decarbonization and stimulate private sector investment.
