Government announced 50-Million Pounds Funding for British Industrial Future

BUSINESS

The government of the United Kingdom announced nearly 50 million pounds in funding to support the future of British industry. 49.4 million pounds will be awarded to pioneer projects across the United Kingdom, which will help to drive economic growth through the development of fuel switching technology that will see a wide range of industries, including ceramics, steel, food production, and pharmaceuticals, decrease their reliance on fossil fuels and cut energy costs.

Lord Callanan, business and energy minister of the United Kingdom, said that they are investing around 50 million pounds to support British industry, ensuring that they are fit for the future and helping end their dependency on costly fossil fuels.

Lord Callanan added, developing fuel switching technology will this possible, and will drive down costs for businesses. It will also accelerate the transition to cleaner fuels across the British economy.

Industrial fuel switching mainly shifts use of industrial energy from high carbon to low carbon fuels, with the aim of decarbonizing the industry in line with the United Kingdom’s target of achieving net zero by 2050.

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Investment in this technology will make it easy and cost-effective for industry to be powered by clean fuels such as renewable electricity and hydrogen. This funding will be available through Phase 2 of the 55 million pound Industrial Fuel Switching competition.