The government has unveiled £80mn investment to reduce carbon emissions from energy intensive businesses and homes.
On 29 June, it explained the funding would be invested in a wide range of programmes, including £30mn towards the first phase of the Industrial Energy Transformation Fund (IETF). The IETF is supporting energy intensive manufacturers, such as car factories and steel plants, to cut their carbon footprint. The initial £30mn fund will allow companies with high energy use to apply for grants to install technology that reduces their energy bills and cut carbon emissions.
The IETF will be worth an eventual £289mn in England, Wales and Northern Ireland up until 2024, and also aims to bring down the costs of technologies that reduce energy consumption and emissions in heavy industrial processes. Elsewhere, £25mn is to go towards heat networks, including one in Gateshead that will harness geothermal water sitting in disused mines to heat 1,250 homes, while £24mn has been announced for green homes investment.
The green homes investment will consist of £7.7mn to install green technology and insulation in over 300 council homes to bring down the costs of retrofitting homes, with pilot projects in Cornwall, Nottingham, and Sutton; £14.6mn to pilot the rollout of innovative heat pumps to 750 homes in South East Scotland, South East England and Newcastle; and £1.8mn to support the development of innovative green home finance products by lenders.