The UK Government has just announced a £116m green ‘tech fund’ that will be distributed between direct air capture, greenhouse gas removal, SME tech innovations and business development support services, with the aim to boost job creation whilst also delivering on carbon net zero goals.
This £116m government investment will support businesses across the nation to turn their green ideas into reality and to develop ground-breaking projects that save energy, slash utility bills and tackle pollution. British businesses and entrepreneurs are already leading the world with innovative solutions to tackling climate change. This is not only good for the planet but will bring new jobs and investment across the UK.
Greg Hands – Energy and Climate Change Minister
The biggest part of the fund – £64m – will be spent on Direct Air Capture and Greenhouse Gas Removal technologies.
It’s hoped this funding will help attract further private investment, with interest in direct air capture and other forms of negative emissions tech growing.
A further £30m will be awarded through the Energy Entrepreneurs fund to 58 SME’s to help deliver better energy efficiency, storage and clean power.
The final share of the £116m will see £22.8m go to business development support services for SME’s developing green tech. Technical support will also be offered through the Technical Third Party Support project, which offers expertise in tech coordination, social research, carbon control and storage, generation and distribution to key projects.