The government is looking for the most effective ways to cut industrial greenhouse gas emissions after launching a £315mn investment drive to decarbonise heavy industry.
The Industrial Energy Transformation Fund (IETF) is targeting businesses with high power use to cut bills and carbon emissions through investment in energy efficiency measures. The fund is striving to cut industrial emissions by 2mn tonnes between 2028 and 2032. It is set to be launched in spring 2020 and will open for applications in summer 2020, before the second phase of the fund commences in 2021.
Business, Energy and Clean Growth Minister, Kwasi Kwarteng, 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.”