- Through the Industrial Energy Transformation Fund (IETF), the Conservative Government are supporting industry to cut emissions and continue to grow the economy.
- 26 business will receive a share of £24.3 million from the fund, totalling £289 million, helping them to become more energy efficient and clean up their manufacturing processes by using low-carbon technologies. Over £60 million has already been allocated.
- This will help these businesses to focus on their priorities like investing and taking on more staff, helping to deliver on the Conservative Government’s promise to grow the economy.
Matt Vickers has welcomed £5,218,312.00 of funding for Yorkshire and the Humber through the Conservative Government’s Industrial Energy Transformation Fund (IETF).
26 businesses will receive funding through this round, including £3,156,737.00
for Mitsubishi Chemicals UK Limited in Teesside – supporting jobs and helping to grow the economy.
Energy-intensive industries are responsible for 11 per cent of the UK’s total emissions and represent over 70 per cent of UK industrial emissions.
While the UK is making excellent progress on the road to net zero, having cut emissions by 48 per cent between 1990 and 2021 – decarbonising faster than any other G7 country – it is estimated that industry will need to cut their emissions by two thirds by 2035 for the UK to achieve its net zero target.
This fund will help energy intensive businesses to decarbonise whilst focussing on their priorities, like investing in the UK, as the Conservative Government grows the economy.
Commenting, Matt Vickers MP said:
“Teesside is leading the way for carbon capture and is a role model for all low-carbon industrial structures across the UK.
“Cutting emissions presents a huge opportunity for businesses to future-proof their services and it is right the Government supports and encourages British businesses on that journey.
“I am delighted that the Conservative Government are investing £5,218,312.00 across Yorkshire and the Humber to support key employers to cut emissions and reap the rewards of new, clean technologies.
“This funding will help businesses to grow and employ more staff, as well as helping to achieve net zero and grow our economy for years to come.”
Commenting, Minister for Energy Efficiency Lord Callanan said:
“We are leading the world in reaching net zero, having cut emissions by 48 per cent – but to keep up this progress and achieve our green goals, we’ve got to transform our industrial sectors, as some of the industries most critical to our economy are also those with the highest emissions.
“Today, we’re backing them with government funding to use the latest technologies to cut their emissions and their reliance on fossil fuels – helping to future-proof these industries as we grow our green economy.
“This will not only cut their energy costs but also boost their competitiveness on the world stage, helping them thrive and protecting the thousands of jobs they offer across the country.”
