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Finance

UK funds businesses to cut emissions and slash energy costs

Image: John B Hewitt
/ Shutterstock.com

British manufacturers including Heineken, Kellogg’s, Toyota, and Britvic are set to receive £24.3m in government funding to reduce their energy costs and carbon emissions.

The money will come from the Industrial Energy Transformation Fund (IETF) and aims to support businesses using high amounts of energy to become more energy efficient and reduce their reliance on fossil fuels.

By doing so, these companies will be able to save on their energy costs and protect jobs, as well as contribute to the government’s priority of growing the economy in a sustainable way.

According to the latest data, energy-intensive industries are responsible for 11% of the UK’s total emissions and over 70% of UK industrial emissions.

Lord Callanan, the Minister for Energy Efficiency, emphasised the importance of transforming industrial sectors, as they are essential to the economy but also have the highest emissions.

He stated that the government is supporting industries with funding to reduce their reliance on fossil fuels and cut emissions using the latest technologies.

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