Government pledges £110m for green firms

25th April 2012

Related Topics

Related tags

  • Manufacturing ,
  • Business & Industry ,
  • Recycling ,
  • Disposal ,
  • Waste



DECC and the business department (BIS) have made more than £110 million of support available for companies to develop green waste infrastructure and energy-efficient technologies

As it was confirmed the UK had slipped back into recession, energy secretary Ed Davey and business secretary Vince Cable announced details of how their departments would be investing millions of pounds to boost the green economy.

At the start of the third Clean Energy Ministerial, Davey launched a new energy entrepreneurs fund, which will provide £35 million to small and medium-sized enterprises (SMEs) developing products to improve the energy-efficiency of buildings and generate low-carbon energy.

Under the three-year scheme, businesses will be able to apply for up to £1 million to design and demonstrate new technologies, such as low-energy lighting, efficient heating or solar panels. The initiative, which is funded through DECC’s buildings innovation programme, will focus initially on energy-efficiency, expanding at a later date to power generation.

“Part of the way that we're going to tackle climate change and get clean energy is through innovation, particularly with SMEs,” said Davey. “[The] fund … will help innovators and entrepreneurs develop and demonstrate low-carbon technologies. This is a practical way that we can make sure we get to the low-carbon economy.”

Davey also announced a £3 million fund to assess the viability of heat storage technologies that can be incorporated into domestic heating systems.

In a separate announcement, the business secretary revealed that BIS’s UK Green Investments (UKGI) initiative had allocated its first round of investments to support improvements in the country’s waste infrastructure. A precursor to the green investment bank, UKGI provides funds to financial groups to leverage private sector investments of equal value in the green economy.

Cable confirmed that it has allocated £50 million to asset management company Foresight Group and £30 million to investment firm Greensphere Capital LLP to generate investments in waste reprocessing, pre-treatment, recycling and energy-from-waste projects.

“These first investments are a landmark moment. They represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure,” said Cable.

“Investing directly now shows that we are not just sitting on our hands while we wait for the UK green investment bank to receive state aid approval.”

Waste industry body, the Environmental Services Association (ESA) welcomed the UKGI’s investment, but warned that the sector needed greater access to funding overall.

“This investment should help to bring forward some smaller-scale waste and recycling projects, however, it is larger-scale projects that will provide the bang for the buck that will make a real environmental difference and which urgently need green investment bank support,” said Matthew Farrow, ESA’s director of policy.

The news came as DECC geared up for the launch of a new website to help connect businesses looking for funding for low-carbon projects with financiers. The new site,, will launch on 26 April and will include details of both public and private funding programmes.


Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.

Transform articles

Four in five shoppers willing to pay ‘sustainability premium’

Despite cost-of-living concerns, four-fifths of shoppers are willing to pay more for sustainably produced or sourced goods, a global survey has found.

16th May 2024

Read more

One in five UK food businesses are not prepared for EU Deforestation Regulation (EUDR) coming into force in December, a new survey has uncovered.

16th May 2024

Read more

Each person in the UK throws a shocking 35 items of unwanted clothes and textiles into general waste every year on average, according to a new report from WRAP.

2nd May 2024

Read more

The largest-ever research initiative of its kind has been launched this week to establish a benchmark for the private sector’s contribution to the UK’s 2050 net-zero target.

2nd May 2024

Read more

Weather-related damage to homes and businesses saw insurance claims hit a record high in the UK last year following a succession of storms.

18th April 2024

Read more

The Science Based Targets initiative (SBTi) has issued a statement clarifying that no changes have been made to its stance on offsetting scope 3 emissions following a backlash.

16th April 2024

Read more

One of the world’s most influential management thinkers, Andrew Winston sees many reasons for hope as pessimism looms large in sustainability. Huw Morris reports

4th April 2024

Read more

Vanessa Champion reveals how biophilic design can help you meet your environmental, social and governance goals

4th April 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close