The UK government has announced a £166.5m ($236.3m) cash boost to help drive the development of green technology, including carbon capture, greenhouse gas removal and hydrogen.
Funding package will help benefit energy-intensive businesses like Tate & Lyle, BAE Systems and Celsa Manufacturing, creating over 60,000 green jobs across the UK.
£86m of the total funding package announced today comes from the government’s £1bn Net Zero Innovation Portfolio, which provides funding for low-carbon technologies and systems, helping the UK end its contribution to climate change.
“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,” said UK energy minister Anne-Marie Trevelyan.
The announcement comes six months on from the publication of the Boris Johnson’s Ten Point Plan for a green industrial revolution.
The plan includes removing ten mt of CO2, generating 5 GW of hydrogen by 2030, and creating 250,000 green jobs.