- Nearly £80 million investment from government to reduce
carbon emissions from industry and homes
- first phase to help heavy industry go green, helping to cut
energy costs, protect jobs, and cut carbon emissions
- new green homes programme will retrofit homes with latest
green tech, helping people save money on their energy bills
Energy Minister has announced nearly £80
million of government investment to help cut carbon emissions
from homes and energy intensive businesses.
The funding will be invested in a wide range of programmes,
including pioneering heat network trials and an innovative new
programme to bring down the cost of retrofitting residential
properties with the latest energy efficiency technologies.
Funds announced today include:
- £30 million towards the first phase of the Industrial Energy
Transformation Fund (IETF), which supports energy intensive
manufacturers, like car factories and steel plants, to cut their
carbon footprint
- £25 million for heat networks, which reduce carbon and cut
heating bills for customers, including one which will harness
geothermal water sitting in disused mines to heat 1,250 homes
- £24 million for innovative projects to help develop energy
efficient homes by installing green tech and insulation in houses
Energy Minister said:
We want to invest now to ensure we continue to propel the UK
towards a stronger, greener future.
This new £80 million investment will help to reduce emissions
across our economy, which will save people money on energy
bills and protect jobs in heavy industry.
Phase 1 of the IETF,
for which guidance is published today, is worth an initial £30
million in support of the manufacturing sector. The fund allows
companies with high energy use to apply for grants to install
technology that reduces their energy bills and cuts carbon
emissions.
Worth an eventual £289 million in England, Wales and Northern
Ireland up until 2024, the IETF also seeks to help bring down the
costs of technologies that reduce energy consumption and
emissions in heavy industrial processes.
£25 million will go towards heat networks, including one in
Gateshead, which will harness hot geothermal water sitting in
disused mines to heat 1,250 homes. With thousands of redundant
mine shafts criss-crossing the country, experts say that if the
mine shaft technology proves successful and economically viable,
it could be scaled up to power around 6 million homes around
Britain.
The final £24 million green homes investment will comprise of:
- £7.7 million to install green technology and insulation in
over 300 council houses, to bring down the cost of retrofitting
homes – with pilot projects in Cornwall, Nottingham, and Sutton
- £14.6 million to pilot the roll-out of innovative heat pumps
to 750 homes in the South East of Scotland, the South East of
England and Newcastle
- £1.8 million to support the development of innovative green
home finance products by lenders.
The announcements today form part of the wider efforts to ensure
the UK meets its legally binding target to reach net zero
emissions by 2050.
Notes to editors
