The UK Government has announced a further £49.4 million in funding for technology projects that will help industries in the UK to switch to low-carbon sources of energy and reduce their energy costs.
The funding will be split over three areas. Two of these will focus on enabling technologies for switching to electrification or hydrogen, while the third will be concerned with biomass, waste and other net-zero appropriate fuels. Some £1 million to £6 million will be made available to successful projects, which can apply even if they did not participate in Phase 1 of the Industrial Fuel Switching competition.
McKinsey Sustainability has previously said that many companies transitioning away from fossil fuels will experience:
“…a short- to mid-term increase in cost, ultimately placing them at an economic disadvantage in a competitive global commodities market. That said, none of these reasons is a ground to delay action. We believe that starting now with the decarbonisation of industry would lead to better outcomes for individual companies.”
Projects that received funding in Phase 1 of the initiative included technologies like heat pumps for pharmaceutical and food businesses, research into using gasified waste and biomass for glass-making rather than natural gas, and transitioning sectors like steel, food production and ceramics to hydrogen.
At TrAchem, we can help you keep pace with technological advances by ensuring you always have access to the right lubricants for your application, from motor oils like Mobil 1 to cutting oils like Millers Millicut, so contact our helpful team to learn more.