UK government invests over GBP 65 million in new green technologies

Speaking at the COP27 negotiations in Egypt, the British Business Secretary announced over GBP 65 million in investment to help speed up the development of new green technologies, backed by the talent and expertise of British business.

The UK is already a world leader in the latest green technologies, ranging from the development of hydrogen as an alternative fuel to the manufacture of electric vehicles. With this announcement, representatives of the UK aim to lock in the country’s leading position in this segment.

Potential environmental impact

The UK has assembled a coalition of governments, representing more than half of global GDP, who will bring forward actions to speed up the development of new alternatives to fossil fuels for carbon-intensive sectors, so that by 2030 they will use the cheapest and most attractive options available to businesses in emerging and developing economies.

The Business Secretary also announced a pledge of GBP 65 million towards the world’s first large-scale Industry Transition Programme, led by the Climate Investment Funds to support energy-intensive industries in developing economies including India and Indonesia in going green.

CEO of the Climate Investment Funds Mafalda Duarte stated that “This investment platform will bring to bear concessional finance, technical assistance, and partnerships to ignite transformation across industries like steel, cement, and aluminium.”