Businesses developing new products and technologies to tackle climate change can apply for a new £14 million fund launched by the business department (BIS).
Innovate UK, the UK’s innovation agency formerly known as the Technology Strategy Board, is supplementing this fund with a further £5 million. This fund aims to increase research and development, and consequently reduce the environmental impact of extracting and using fossil fuels.
Small businesses have been set aside £1 million of this in order to take advantage of the “changing energy landscape”.
“We are facing a trilemma,” said business secretary Vince Cable. “As well as reducing emissions and improving energy security, we need to reduce costs for energy users.
“Governments have their role to play, but we also need there to be investment by business in innovation to develop new products and technologies.”