The UK Government has financed more than €136 million to boost green innovation across the nation, including Bioenergy with Carbon Capture and Storage (BECCS) technology. The funding is expected to oversee projects, specifically focusing on increasing energy efficiency, reducing carbon emissions, boosting energy security, and providing cleaner ways to generate power and heat.
Energy and Climate Change Minister, Greg Hands, said the funding will support businesses “to turn their green ideas into reality”, and develop ‘ground-breaking projects’ that save energy, cut bills, and also tackle pollution. He further added that “British businesses and entrepreneurs are already leading the world with innovative solutions to tackling climate change.” Greg believes that such solutions will not only be good for the planet but also bring more opportunity to the country.
The investment will play an integral part in the UK’s green industrial revolution, offer an opportunity for British businesses to generate green jobs, and improve private sector investments. Businesses developing technologies through Direct Air Capture and Greenhouse Gas Removal Program can bid for a share in government funding to support carbon emissions and the removal of greenhouse gases. BECCS is under the first phase of the program, and there is a range of other green technologies too. This funding is under the second phase and these projects are aimed to be designed and developed from scratch, which would be eventually scaled up commercially by 2025.
The small and medium-sized enterprises (SME) will be provided services to support their involvement with green innovations. An investment of £22.8 million (€26.7 million) is made. A consortium of organisations, led by the Carbon Trust will ensure that funding from SMEs follow the Net Zero Innovation Policy, and are provided with the best business development assistance for their technology.
In addition to this, the UK government is also supporting energy entrepreneurs within the country with £30 million (€35 million) to develop a range of decarbonisation and energy-saving technologies. Under the latest round of funding from the Energy Entrepreneurs Fund, 58 SMEs will receive grants to develop and demonstrate new technologies in energy efficiency, power generation, heat generation, and energy storage spaces.