UK Green Recovery Fund
The UK Government has announced a £350 million ‘recovery fund’ that will be used to cut the country’s carbon emissions and drive economic recovery as a result of the COVID-19 pandemic. Funding will be used to help tackle climate change and accelerate the Prime Minister’s goals to reach net-zero by 2050.
The UK is hopeful that it can set a global example of how a greener future can be built as part of the world’s recovery from the pandemic and worldwide lockdowns.
Funds will be used to support research into green solutions for a variety of industries throughout the UK. This includes:
- £139 million to aide the transition to the use of hydrogen fuel and the carbon capture & storage system, this involves storing 90% of industrial emissions underground.
- £15 million will help the National Space Innovation Project to monitor global climate change and identify key changes in environments.
- £26 million will be used to assist advanced building technologies with an aim to reduce construction costs and emissions.
- £10 million is up for grabs in the automotive sector to fund the production of prototypes of efficient vehicles and improved battery applications within transport.
- £149 million will push research for innovative materials within the heavy industry e.g. recyclable steel.
Amongst this, the Jet-Zero council has been put together by the Government, aviation & aerospace industry. This council aims to achieve a long-haul zero carbon emission flight which would be a huge leap forward in the aviation industry reducing their carbon footprint.
The Government will also consult on the ban of sales of petrol, diesel, and hybrid cars by 2035. This will be supported by the £1 billion budget for ultra-low emission transport.
The UK Government is trying to ensure that post-lockdown UK has a greener impact on the global environment than before by being more vocal about what they are doing in various industries to reduce emissions and fight climate change they can influence UK citizens to reflect on their own carbon footprint and what changes they can make to reduce it. This will be supported by the ‘Green Homes Grant’.
2019 statistics show that the UK’s emissions were 42% lower than 1990 and that in that same period the economy had grown by 72%. The Government hopes to continue this trend by reducing emissions and boosting the economy as part of the COVID-19 recovery plan.
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