Invest £500 million to help energy-intensive industries move to low-carbon techniques
Last updated 3 years ago
Conservative Party Manifesto 2019, p.55We will invest £500 million to help energy-intensive industries move to low-carbon techniques.
Our verdict
- This is a promise of investment to help energy-intensive industries lower their carbon emissions.
- In March 2020, the government opened bidding for Phase 1 of the Industrial Energy Transformation Fund (IETF) to provide “funding towards energy efficiency equipment in industrial processes and engineering studies for future decarbonisation projects”. In January 2021, 39 funding applications were approved, pending due diligence checks, totalling £31 million (the first tranche of projects is listed here). In addition, the Industrial Decarbonisation Strategy, published in March 2021, outlines numerous government initiatives supporting this policy pledge.
- Bidding for the next round of Phase 1 IETF funding runs from March to July 2021. Although it is challenging to identify funding arising specifically from this pledge, the long list of government investment contained in Annex 2 of the Industrial Decarbonisation Strategy greatly exceeds the £500 million promised here, so this policy is ‘done’.
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