The UK government has unveiled a £166.5 million ($235.6 million) cash injection to help drive the development of green technology to reduce emissions.
The government unveiled the funding boost on Monday, which will be directed towards driving the development of “critical technology needed for a green industrial revolution”, including carbon capture, utilisation and storage (CCUS), greenhouse gas removal and hydrogen.
As well as helping the nation reach its climate change ambitions, the UK government claims the funding will help create more than 60,000 jobs.
“We are determined to tackle climate change and make it win-win for both our planet and our economy,” UK Energy Minister Anne-Marie Trevelyan said.
“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.”
Boost for hydrogen and CCUS
The funding commitment will see £60 million directed towards supporting the development of low carbon hydrogen and to identify and scale-up more efficient solutions for making green hydrogen.
It will also see £37.5 million put towards a programme of greenhouse gas removal methods, which will see 24 projects receive up to £250,000 to fund new ways of removing greenhouse gases from the atmosphere and store them safely, while a further five projects will each receive up to £4.5 million to investigate the viability of adopting greenhouse gas removal methods at scale.
The government will also put £20 million towards developing CCUS technologies that could be deployed at scale by 2030.
Another £20 million will be used to establish a new virtual industrial decarbonisation research and innovation centre, run by Heriot-Watt University in Edinburgh.
The government will also direct £16.5 million towards the Industrial Energy Transformation Fund to develop new technologies and processes to help energy-intensive sectors cut their emissions, while also helping reduce energy bills.
A total of £8 million will be set aside for innovation projects to reduce industrial emissions, such as repurposing textile waste, new clay production techniques for the ceramics industry and concrete manufacturing.
Finally, £4.7 million will be used to establish the Cranfield University-led Transforming Foundation Industries Research and Innovation Hub to help industries like metals, glass, cement, paper and glass collaborate on lowering emissions.
Supporting £12 billion 10-point plan
The investments will help support the government’s £12 billion 10-point plan for "a green industrial revolution", which it claims will create more than 250,000 jobs.
The government believes the plan will help reduce the UK’s emissions by 180 million tonnes of carbon dioxide equivalent between 2023 and 2032.
Among other targets set out in the plan, the government is aiming to capture and store 10 million tonnes of CO2 per year by 2030, and for low-carbon hydrogen capacity to reach 5 gigawatts by the same date.
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