Businesses operating in the United Kingdom’s most polluting industries will be able to apply for a share in public investment of 220 million pounds ($301 million) in order to reduce fossil fuel use and cut carbon emissions, the government of the United Kingdom announced on Wednesday
MOSCOW (UrduPoint News / Sputnik – 22nd September, 2021) Businesses operating in the United Kingdom‘s most polluting industries will be able to apply for a share in public investment of 220 million Pounds ($301 million) in order to reduce fossil fuel use and cut carbon emissions, the government of the United Kingdom announced on Wednesday.
“Businesses in some of the UK‘s most polluting and energy-intensive industries will be able to bid for a share of 220 million in government investment to help cut their carbon emissions and the costs of their energy bills,” the official statement said.
The decision was driven by the UK‘s desire to reduce its dependence on fossil fuels and to create a domestic green sector.
“With innovation and investment across the economy, we can power the UK‘s green industrial revolution. But we know for the most polluting and energy-intensive businesses, this will mean a big shift in the way they operate,” UK Prime Minister Boris Johnson stated.
According to the British government, thanks to the allocated funds, companies will be able to invest in a wide range of activities, including energy efficiency projects and the installation of low-carbon technologies.
Businesses will improve their energy efficiency and cut emissions, which will benefit industries including pharmaceuticals, steel, paper, and food. The grants will help them save on energy bills and support thousands of jobs in the UK.
The new investment project represents the second phase of the Industrial Energy Transformation Fund (IETF) established by the British government to support the deployment of green technologies that help businesses with high energy use to cut their energy bills and carbon emissions. Around 70 million pounds has already been allocated to big-emitting businesses through the first phase of IETF. Restoring environmental friendliness through the IETF will also help maintain the UK‘s status as a global leader in the fight against climate change.