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Image Credit: Drax
A total of £83m in government funding has been allocated to nearly 30 initiatives that seek to reduce industrial emissions by replacing fossil fuels with cleaner alternatives. This is a significant boost for various emerging technologies such as biofuels, hydrogen, and CCUS (Carbon Capture Utilisation and Storage) systems.
Yesterday, it was revealed that 29 companies were granted funding, with food giant Kellogg's receiving £3m for a project to incorporate hydrogen in the cereal production process at their Manchester facility, and Burton's Food Limited, the producer of Maryland cookies and Jammie Dodgers, being given £3.3m to replace the gas oven at their Dorset bakery with an electric model.
A total of £3.6m has been allocated to Annadale Distillery, a Scottish whiskey maker, to explore the usage of thermal heating technology as an alternative to fossil fuels in its fabrication processes. The firm is teaming up with Exergy3 Ltd to create a system that stores energy from electricity in ceramic bricks as a form of heat generation which they believe could decarbonise the whisky-making process.
Procter & Gamble (P&G), a company which specializes in consumer goods, is committed to finding ways to incorporate carbon capture technology into their production process. To do this, they have received a grant of £950,000 from the government. This research is part of the CarbonNation project, which is being conducted in collaboration with the University of Newcastle.
Yesterday, Graham Stuart, the Minister for Energy Security and Net Zero, announced a raft of projects that are vying for a portion of the £82.3m funding, which is part of the £1bn Net Zero Innovation Portfolio package.
He asserted that companies across the nation are making a conscious effort to reduce their carbon footprint and the amount they pay for energy and that this will aid our mission of increasing energy stability. Our investment of more than £80m will assist them in utilizing the most current science, technologies, and renewable energy sources to move away from fossil fuels and guarantee their businesses will thrive in the future.
The Industrial Fuel Switching Competition has awarded £52.5m to thirteen businesses including paper factories and glass manufacturers, while five projects have been granted £21.2m from the second phase of the Hydrogen BECCS Innovation Programme. This brings a total of £82.9m in funding, which is split between the two initiatives.
The government's CCUS Innovation 2.0 competition has seen 11 projects rewarded with a total of £9.2m. One of these is a carbon capture venture at Drax's biomass power station in North Yorkshire, named Project MONET. Drax and CCS specialist Promethean Particles have been given resources to test the effectiveness of metal-organic frameworks-based (MOF) negative emissions technology at the location.
Jason Shipstone, the chief innovation officer of Drax Group, expressed excitement for the potential of Metal-Organic Framework (MOF)-based carbon capture. He indicated that this project will aid in the comprehension of the technology's effectiveness and its possible applications in the future.
Peterhead stated that Metal-Organic Frameworks show promise in aiding Drax's supply chain to become more environmentally friendly and in helping to create an energy future with zero carbon emissions that are more cost-effective.
The consensus amongst scientists is becoming increasingly evident - the globe cannot resolve the climate emergency without carbon extractions, the speaker continued. If we obtain sufficient aid from the British administration, we desire to make use of the experience we have gained by piloting carbon removal technologies in North Yorkshire and to construct two BECCS units in Drax Power Station which could take 8Mt of CO2 out of our atmosphere annually.
Yesterday's announcement of funding, according to Lord Callanan, the Minister for Energy Efficiency and Green Finance, is set to assist the government in achieving its objective of a 15 per cent reduction in the nation's total energy demand by 2030. This, the minister noted, would result in a decrease in emissions and energy prices for businesses.
The United Kingdom boasts a proud legacy of progress in science, and with the £80 million worth of support for these cutting-edge endeavours, we are paving the way for the next generation of innovation, he expressed. Additionally, the shift away from fossil fuels presents a significant chance for the prospering energy sector of our country, and we are committed to giving UK businesses the chance to reap the full benefits of this opportunity.
The Shadow Economic Secretary to the Treasury for Labour, Tulip Siddiq, has recently declared that if they win the next General Election, the Party would attempt to gain a minimum of £10bn annually from banks and insurers to be put towards the UK's clean energy transformation.
Siddiq informed the Financial Times that Labour is looking into how to utilize the covered bond market as a means to provide more funds for wind turbines, hydrogen plants, and other green infrastructure projects to realize the Party's goal to eliminate carbon emissions from Britain's energy grid by the end of the decade.
The Labour Party has suggested that the Financial Conduct Authority (FCA) should amend its regulations to enable the inclusion of green infrastructure, much like Denmark has done.
At a conference in London later today, Labour is poised to provide additional information about its plans.
Siddiq shared with the FT that the collaboration between them and the City was a key factor in boosting the economy. He noted the City had a strong desire to pursue a green agenda yet lacked the resources and assurance to make it happen, describing a sense of dejection from certain individuals involved.
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