In January Chancellor Philip Hammond put his money where his mouth is, announcing a £23 billion government investment in technology, housing, and transport infrastructure, of which £2 billion will go towards technology and science research and development and £28 Million will be invested in smart tech. The UK Government’s Department for Business, Energy & Industrial Strategy (BEIS) aims for a “low carbon, low cost future”, one which should propel the UK into the forefront of innovation.
Part of the plan is a £9.2 million Industrial Energy Efficiency Accelerator (IEEA) which will be funded by the Energy Innovation Programme run by the Carbon Trust– an independent institution looking to minimize industrial carbon emission, supported by the engineering firm Jacobs and infrastructure specialist AMEC Foster Wheeler.
IEEA’s money should go to the UK Energy Innovation Awards 2017, a competition held to target and find innovative energy solutions for the industrial sector, which counts for 17% of the national energy use and over 20% of carbon emission. Aside from unlocking untapped innovative potential, the government also hopes to unlock a further £11 million in investments from the private sector. Furthermore, the commitment to innovation will create jobs, revolutionize the local industry, attract inward investments and put the UK back on the map.