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UK government announces energy transformation fund

The UK government has announced nearly £80mn of government investment to help cut carbon emissions from homes and energy intensive businesses. The funding will be invested in a wide range of programmes, including pioneering heat networks and a new programme to bring down the cost of retrofitting residential properties with the latest energy efficiency technologies.

The funds announced include:

  • £30mn towards the first phase of the Industrial Energy Transformation Fund (IETF), which supports energy intensive manufacturers, like car manufacturers and steel plants, to cut their carbon footprint.
  • £25mn for heat networks, which reduce carbon and cut heating bills for customers, including one in Gateshead that will harness geothermal water sitting in disused mines to heat 1,250 homes, and which, if successful, could be scaled up to power around 6mn homes in the UK.
  • £24mn for innovative projects to help develop energy efficient homes by installing green tech and insulation in houses.

The fund will be worth an £289mn eventually, covering in England, Wales and Northern Ireland until 2024, and will form part of wider efforts to ensure the UK reaches net zero emissions by 2050.

News Item details

Journal title: Petroleum Review

Countries: UK -

Subjects: Carbon emissions - Net zero - Decarbonisation - Policy and Governance - Banking, finance and investment -

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