Ofgem unveils £450m fund to help UK achieve net-zero emissions by 2050

Ofgem unveils £450m fund to help UK achieve net-zero emissions by 2050

by Pranali Mehta

The Office of Gas and Electricity Markets (Ofgem), UK’s energy regulator, has reportedly announced that it has launched a £450 million fund to support innovative projects that will help the nation in effectively achieving its net-zero carbon emissions goals.

According to reliable reports, the regulator will distribute the funds to energy network providers who are working to make households and businesses more environmentally friendly. The £450 million fund would be made available over the forthcoming five years, with the possibility of an extension if solid proposals are submitted, says Ofgem.

It is projected to contribute to the UK's larger goals of reducing emissions by 68% by 2030 and 78% by 2035. Its objective is to achieve net-zero emissions by 2050.

Ofgem stated that the proposals must be bold and ambitious, with the potential of being scaled up and rolled out across the UK. The proposals can range from things like heat pump installations to designing and developing battery storage technologies

Projects that cover data and digitization, heating and transport, and whole system integration, which refers to the complete path of energy from the plant to plug, will be considered for funding.

Chief executive of Ofgem, Jonathan Brearley, stated that more than ever, the nation needs innovation to cut greenhouse gas emissions and achieve net-zero goal. The initiative of a strategic innovation fund ensures that cutting-edge ideas and new technologies become reality, allowing the development of more environmentally friendly ways to travel, and power and heat the United Kingdom.

Separately, the government announced that beginning from Tuesday, thousands of companies throughout the UK would be able to attend carbon reduction seminars and receive practical net zero guidance.

During Covid-19 lockdowns, which kept people out of their energy-intensive stores offices, researchers recorded 12.4% reduction in carbon emissions from businesses across 30 nations. However, according to the ULI Greenprint Center for Building Performance, while emissions dropped momentarily during the Covid-19 pandemic, they soon rebounded, placing pressure on businesses and individuals to take more steps to go green.

Source credit: https://www.theguardian.com/business/2021/aug/31/ofgem-launches-450m-fund-to-help-homes-and-businesses-go-green

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...