Businesses granted £14m funding for developing carbon-cutting products

Businesses granted £14m funding for developing carbon-cutting products

Businesses granted £14m funding for developing carbon-cutting products

The government has announced the creation of a new, £14 million fund to help businesses develop new products and technologies that are intended to reduce the amount carbon emissions produced in the UK.

Secretary of state for business, innovation and skills Vince Cable unveiled the measures, which can also be claimed by firms creating new solutions that improve energy security and reduce costs more generally.

It is hoped the move will also serve to encourage other companies to invest in technologies that will help the UK's energy needs in the future. The coalition expects this to be achieved in a more environmentally friendly way, at the same time as boosting wider economic growth.

Mr Vince Cable emphasised the importance of acting now to improve energy efficiency and tackle climate change, as well as the role private enterprises can play in supporting such efforts.

"We are facing a trilemma," the minister commented, adding: "As well as reducing emissions and improving energy security, we need to reduce costs for energy users. Governments have their role to play, but we also need there to be investment by businesses in innovation to develop new products and technologies."

"We are making £14 million available to encourage that investment and make sure that British companies have help to tackle this challenge," Mr Cable continued.

Any company can do its bit to reduce the impact it has on the environment by carefully managing its power use. There are other considerations that can also have a positive impact, such as switching to environmentally-friendly professional cleaning services. Aurora offers such a service - and only biodegradable and carbon free products are used by us, which will undoubtedly help minimise the carbon footprint of any given firm.

A separate fund of £5 million was unveiled alongside Mr Cable's announcement - and this will be offered by Innovate UK - formerly the Technology Strategy Board - to increase research and development and feasibility studies regarding the potential to reduce the environmental impact of extracting and using fossil fuels.

This is intended to support the development of highly innovative technologies that can take advantage of the changing energy landscape - and £1 million has been specifically set aside for studies to be led by small businesses.

Dubbed the Energy Catalyst, early stage ideas will be helped all the way through to prototype demonstrators - and any business that has developed a cutting-edge product is eligible to apply.

Chief executive officer of Innovate UK Iain Gray said: "The energy sector is already a significant contributor to the UK economy. The size of the market and the possibilities for innovation to address these challenges creates great opportunities for those businesses to develop and grow."

He added that this is why his organisation is offering financial support for new technologies to meet these challenges and be made commercially available.


Posted by Julie Tucker

Image courtesy of Allstar