The UK government has announced a $235.4m (£166.5m) investment to help drive the development of green technology to reduce emissions.
The cash infusion will support the development of green technologies in carbon capture, greenhouse gas removal and hydrogen. Besides, it will help in finding solutions to decarbonise the country’s polluting sectors such as manufacturing, steel, energy and waste.
Of the total capital, £60m will be used to aid the development of low carbon hydrogen and scale-up efficient solutions for generating clean hydrogen from water.
Besides, £37.5m will be provided for greenhouse gas removal initiatives while £20m will go towards setting up a new virtual Industrial Decarbonisation Research and Innovation Centre.
Another £20m will be used for the development of next generation carbon capture, usage and storage (CCUS) technologies to deploy them at scale by 2030.
A £4.7m boost will be provided for launching a new Transforming Foundation Industries Research and Innovation Hub, and £8m will be used in innovative projects.
Furthermore, £16.5m will go towards developments that enable energy-intensive sectors to lower their emissions.
The investment aims to support the UK achieve its climate commitments, based on the ten-point plan for a green industrial revolution announced by the UK Prime Minister six months ago.
These commitments include achieving net zero emissions by 2050 and reducing the country’ emissions by 78% by 2035 compared to 1990 levels.
The funding awarded to innovators, businesses, and academics across the UK, is expected to speed up the delivery of critical technologies, while creating more than 60,000 jobs.
UK Energy Minister Anne-Marie Trevelyan said: “We are determined to tackle climate change and make it win-win for both our planet and our economy.
“Today’s major cash boost – targeted at our most polluting industries – will encourage the rapid development of the technologies we need to reign in our emissions and transition to a green economy, one that reduces costs for business, boosts investment and create jobs.”
“Just 6 months ago, the Prime Minister set out a clear 10 Point Plan for creating and supporting up to 250,000 British jobs as we level up and build back greener from the pandemic.
“Today we’re boosting our armoury for the fight against climate change and backing innovators and businesses to create green jobs right across the United Kingdom.”
About $121.6m (£86m) of the total funding comes from the UK’s £1bn Net Zero Innovation Portfolio that offers funding for low-carbon technologies and systems.