The UK government announced £12.4 million in funding for 22 energy-intensive industries across England, Wales, and Northern Ireland, in an effort to help cut their carbon emissions and reduce their energy costs. This funding is part of the Industrial Energy Transformation Fund (IETF) and will be awarded to businesses in various sectors, including pharmaceuticals, steel, paper, and food and drink.
The winning projects aim to clean up industrial processes and improve energy efficiency. For example, a new air source heat pump system will be used to sustainably harvest food in Carmarthenshire, Wales, while a new system for capturing waste heat in South Yorkshire will be used to dry, heat, crush, and grind materials for roadmaking. Another winning project will use high-temperature heat pumps to reduce the energy needed for heating and cooling cheese in dairy farms across the Midlands.
The industry is responsible for a significant portion of the UK’s emissions, accounting for 16% of the total. With the UK government’s target to achieve net zero emissions by 2035, the need for the industry to reduce its emissions by two-thirds is imperative. The funding from the IETF will play a critical role in helping to achieve this goal.
This investment will not only benefit the environment but also help businesses save money on their energy bills and protect jobs. By reducing their reliance on expensive fossil fuels, such as gas, and decarbonizing their industrial processes, businesses will be able to reduce their carbon footprint while also improving their bottom line.
The Industrial Energy Transformation Fund, launched by the British government in June 2020, has made great strides in supporting energy-intensive industries to transition to a lower-carbon economy. The fund has awarded £34.8 million in funding to green innovators who are pushing the boundaries of technology to reduce carbon emissions and help businesses save energy costs.
According to Graham Stuart, Minister at the Department for Energy Security and Net Zero, boosting the energy efficiency of industrial processes is crucial for a number of reasons. Firstly, it helps to mitigate the effects of climate change by reducing carbon emissions. Secondly, it enables businesses to cut their energy costs, which is good news for both their bottom line and the valuable jobs they create.
The fresh funding round is a testament to the government’s commitment to supporting the transition to a greener economy. It shows that they understand the importance of investing in green technology and supporting the next generation of innovators who are reshaping the way we think about energy.