UK launches £315m new tech fund to help industry cut emissions

(The Guardian, 5 Nov 2019) Aim is to save £1bn a year on industrial energy bills and cut emissions equivalent to taking 200,000 cars off the road.

The British government has launched a £315m hunt to find new technologies that can shrink the carbon footprint of the most polluting factories to help meet the UK’s climate targets.

The scheme will offer funds over the next five years to energy-intensive firms, such as manufacturers, to invest in new technology which can reduce their energy use.

Ministers hope the scheme will help save £1bn a year on industrial energy bills, and cut carbon emissions by 2m tonnes or the equivalent of taking nearly 200,000 cars off the road each year.

The government finalised the design of the Industrial Energy Transformation Fund – which opens for bids next summer – just before the start of the general election campaign.

Energy minister Kwasi Kwarteng said the fund will bolster investment in clean growth as it works towards its climate targets.

Legislation was passed over the summer to cut government carbon emissions to net zero by 2050 to ensure the UK ends its contribution to global heating.

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The Guardian, 5 Nov 2019: UK launches £315m new tech fund to help industry cut emissions