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Gloucestershire Business News

Energy regulator's £450 million innovation fund

Energy regulator - Ofgem - has launched a £450m fund aimed at promoting innovative environmental projects.

The money is being targeted at helping homes and business 'go green'.

The fund is available over the next five years. It is part of the UK's plan to cut 68% of carbon emissions by 2030, with a goal of 'net zero' emissions by 2050.

Jonathan Brearley, Ofgem's chief executive, said: "What we need, more than ever, to reduce greenhouse gas emissions and reach net zero, is innovation.

"The strategic innovation fund means cutting-edge ideas and new technologies become a reality, helping us find greener ways to travel, and to heat and power Britain at low cost."

Funding will be considered for projects based around areas including heating, transport and digitalisation.

Ideas could range from ecological heat pumps to technology for storing electricity.

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