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Energy innovators will get £450m to power UK’s green economy

Andrew Neil grills Rishi Sunak over green energy bill

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The money will be available over the next five years for companies that come up with great ideas on how heat, transport, data and digitalisation can be done with fewer greenhouse gas emissions. These schemes will then be shared across the UK. Ofgem said: “Ideas need to be big, bold and ambitious with potential to scale across the networks.” The funds are made up from charges of around 76p from each energy consumer over half a decade, Ofgem said.

Companies who apply to the programme will undergo a three-stage process to ensure their designs offer the best value for consumers.

The UK has committed to becoming “net zero” by 2050, which means cutting greenhouse gas emissions so that the country absorbs as much as it emits.

This will require large-scale changes to how the UK’s economy is powered, including new ways of heating homes and transporting people and goods. Ofgem has suggested projects such as getting low-emission heat pumps into homes around the UK.

Energy minister Lord Callanan, said: “The UK is leading the world in decarbonising our energy system, with our innovators playing a vital role in going further while ensuring consumers receive clean and affordable energy.

“The Strategic Innovation Fund will ensure the best projects and most talented minds have the grants available to reduce carbon emissions and enable bill payers to see the benefits of building back greener.”

Jonathan Brearley, chief executive of Ofgem, said: “What we need, more than ever, to reduce greenhouse gas emissions and reach net zero is innovation. This fund means cutting-edge ideas and new technologies become a reality.”

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