Monday, October 3, 2022

Cash injection of almost £50m aims to cut industry’s reliance on fossil fuels

Nearly £50 million in government funding is being made available to support the future of British industry through the development of fuel switching technology.

It’s intended that a wide range of industries, including steel, ceramics, pharmaceuticals and food production will be helped to reduce their reliance on fossil fuels and slash energy costs.

Business and Energy Minister Lord Callanan said: “We’re investing £49.4m to back British industry, making sure they’re fit for the future and helping end their dependency on expensive fossil fuels.

“Developing fuel switching technology will make this possible, accelerating the transition to cleaner fuels across our economy, and driving down costs for businesses.

“Industrial fuel switching shifts industrial energy use from high carbon to low carbon fuels, with the aim of decarbonising industry in line with the UK’s target of reaching Net Zero by 2050 while boosting economic growth, jobs and prosperity.”

Fossil fuels (including coal, gas and oil) made up around 55% of industrial energy consumption in 2019. As set out in the Industrial Decarbonisation Strategy, to decarbonise industry in line with net zero, it is expected that industrial emissions need to fall by around 2 thirds by 2035 and at least 90% by 2050.

Investing in this technology will make it easier and more cost-effective for industry to be powered by cleaner fuels like hydrogen and renewable electricity, instead of fossil fuels. The funding, available through Phase 2 of the £55 million Industrial Fuel Switching competition, will support the development of new fuel switching technology in the UK, helping to attract private investment into the country and supporting new green jobs.

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