£134m from BEIS to build back greener

Green businesses could benefit from £134m investment from the Government, as it seeks to protect innovative businesses during the pandemic and build upon them for a ‘green’ recovery.

Projects that could benefit include the servicing of offshore wind turbines autonomously, using AI and converting seaweed into compostable packaging to tackle plastic waste.

The Government has identified 1,069 clean growth projects that can develop new technologies, secure and create new jobs, drive productivity and tackle climate change.

Business Secretary Alok Sharma said: “Today’s investment will ensure that our innovators and risk-takers can continue to scale up their ideas, helping the UK to build back better and ensure we meet our clear commitments on tackling climate change.”

The investment forms part of the government’s commitment to support the UK’s entrepreneurs and start-ups to scale up their innovations, set out in its ambitious R&D Roadmap in July this year.

The £134 million funding comes from Innovate UK’s Sustainable innovation Fund, which was launched as part of the £550 million package of measures to support innovative SMEs respond to COVID-19. The Sustainable Innovation Fund, delivered through Innovate UK, is a cornerstone of the £1.25bn investment package announced by the Chancellor in April to help ambitious, innovative businesses survive and thrive during the current pandemic.

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