Green recovery gets £350m supercharge: The drive to decarbonisation of heavy industry, construction, space and transport sectors has received new funding worth around £350 million.
The Prime Minister has announced a new multimillion-pound investment package to support efforts to tackle climate change and accelerate economic recovery after coronavirus pandemic.
The package includes £139m to cut emmissions in heavy industry supporting transition from natural gas to clean hydrogen power and scalling up carbon capture and storage.
Carbon capture storage (CCS) technology can stop over 80% of emmisions from industrial plants being released into the air by storing them underground.
Several projects, which prioritise the development of recyclable steel, in the heavy industry, will also benefit from a grant of £149 million.
In order to improve productivity and building quality , another £36 million will finance new building techniques which will reduce construction costs and emissions
This funding will help to meet the PM’s goal of leading the most ambitious environmental programme worldwide, including the first meeting of the Jet Zero Council, tasked with making net-zero emissions possible for future flights. pic.twitter.com/zckX4JsNvp
— UK Prime Minister (@10DowningStreet) July 22, 2020
Backed by the UK Space Agency, £15 million for a new national space innovation programme. It will monitor climate change across the globe in turn, protecting a wide range of areas from the impacts of extreme weather conditions.
A grant of £10 million will also be used to support the automotive sector in reasearch and development for better efficiency in electric motors.
Prime Minister Boris Johnson said: “The UK now has a huge opportunity to cement its place at the vanguard of green innovation, setting an example worldwide while growing the economy and creating new jobs.”
Business and Energy Secretary, Alok Sharma, added: “This funding will reduce emissions, create green-collar jobs and fuel a strong, clean economic recovery – all essential to achieving net zero emissions by 2050.”
Green recovery gets £350m supercharge