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UK government awards 167 million stg funding for clean technology projects

Stock MarketsMay 24, 2021 07:55
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© Reuters. FILE PHOTO: A woman walks a dog past Drax power station during the sunset in Drax, North Yorkshire, Britain, November 27, 2020. REUTERS/Lee Smith/File Photo

LONDON (Reuters) - The British government said on Monday it will award 167 million pounds ($236 million) of funding to help accelerate clean technology and energy efficiency projects in heavy industries.

The funding is aimed at driving forward developments in technologies which will be needed to bring down greenhouse gas emissions to net zero by mid century. Those technolgies include hydrogen-fuel, carbon capture and storage and solutions to decarbonise heavy industries including manufacturing, steel, energy and waste. 

The funding will be awarded to innovators, businesses, academics and heavy industry across Britain and help create 60,000 jobs, the government said.

"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," said energy minister Anne-Marie Trevelyan.

Some of the companies who will receive funding are Saint-Gobain Glass in north Yorskshire, Tate & Lyle (LON:TATE) in London and Phillips 66 (NYSE:PSX) in Humberside.

($1 = 0.7064 pounds)

UK government awards 167 million stg funding for clean technology projects
 

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