The 2009 Pre Budget Report contained several new announcements to strengthen the UK’s low carbon economy.
SIF Investment
An additional £200m has been allocated for the Government’s Strategic Investment Fund (SIF), which emerging technologies across the UK are using to strengthen their capacity for innovation, job creation and growth. The total SIF investment now stands at £950. Around £150m is for low carbon initiatives. These include:
- £50 million for the further development of the offshore wind industry in the UK, focused on funding for new off-shore wind energy manufacturing facilities
- £5 million additional funding to the Technology Strategy Board to set up new prize funds for emerging technologies
- £30 million to support low carbon transport projects including an expansion of the TSB’s current ultra low-carbon vehicles competition
- £40 million for other low carbon projects
- £30 million for the chemicals industry on Teesside (part of the £60 million investment announced Tuesday 8 December) to lead the way in demonstrating how to decarbonise the process industry, while maintaining competitiveness.
Read the full press notice here
Low carbon vehicle collaborations
At the first meeting of the Automotive Council, Business Secretary Lord Mandelson announced £19m to support collaborative projects focusing on boosting UK capability and developing the UK’s supply networks for low and ultra low carbon vehicles.
The investment is made up of £10m from the Government-backed Technology Strategy Board and £9m from the Department for Transport.
New opportunities in a low carbon future
The day after the PBR , Business Minister Pat McFadden chaired the Forum for a Just Transition. He told the Forum the low carbon economy must ensure workers and consumers can benefit from the opportunities that become available.
Pat McFadden said:
“There is a danger that responding to climate change can become abstract or an issue for the elite, driven simply by a commitment to change individual behaviour, when what it can be is a huge new industrial and employment opportunity for the country, one that cherishes the planet and gives people a real stake in a greener future.”
Learn more about the Forum for a Just Transition meeting here.
See here for a round up of all BIS-related news from the PBR.
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