British Government is spearheading a £315 million investment drive in decarbonising heavy industry to help reach net zero by 2050.
The Industrial Energy Transformation Fund (IETF) will help businesses with high power use, such as energy-intensive industries, to cut their bills and carbon emissions through investing in efficiency measures, Government has claimed.
The fund is expected to shrink industrial emissions by around 2 million tonnes between 2028 and 2032 – the equivalent of taking nearly 200,000 cars off the road every year, while a new consultation will seek views on how the fund will work.
Eight industrial sectors, namely cement, ceramics, chemicals, food and drink, glass, iron and steel, oil refining, and pulp and paper, currently emit around 2 thirds of industrial carbon emissions, with Ministers keen to fund tried and tested low-carbon industrial processes, as well as exploring new options that will help reduce these figures.
Business, Energy and Clean Growth Minister Kwasi Kwarteng claims that the UK is already cutting emissions faster than any other major economy and is the first to legislate to end its contribution to climate change entirely.
“Eliminating emissions from industry is key to achieving this, but doing so does not have to mean compromising our business success. That’s why we’re bolstering our investment in clean growth,” he said.
“Ensuring energy intensive businesses are equipped with the latest low-emission technologies will not only helps our transition to net-zero, but will also ensure these companies are more agile and competitive going forward – creating new skilled, well-paid jobs.”
The announcement comes after the Business, Energy and Industrial Strategy (BEIS) released a raft of new energy proposals, including a focus on making commercial buildings more efficient.
The Government committed its target of net-zero by 2050 to law earlier this year but has faced recent criticism from a number of groups including the BEIS’s own select committee , as well as the Science and Technology Committee.
Source: Energyzine
