What funding is available to help my business ‘become greener’ and eco-friendly?

 


When it comes to considering becoming ‘greener’ and making our businesses eco-friendlier, many people believe it will cost them the world. If anything, not becoming greener will cost us the world eventually.

Though there are many low cost and free methods of making your business more environmentally friendly, if you’re wanting to sustain your business and start your green journey, there are some government grants and funding available that you may want to see if you’re eligible for. In this article, we will outline what funding is available to help your business become greener.

Why are businesses going green?

More and more businesses across the UK are turning to more carbon conscious solutions throughout their business practices. This means an increase in things such as using a Microsoft Teams phone system for remote meetings, rather than requiring attendees to travel using planes, trains, buses, and cars, and taking their conferences online as part of a webinar event.

When the United Nations unveiled its 'Race to Zero' campaign, a worldwide initiative aimed at reaching net-zero carbon emissions by 2050, a handful of UK businesses took upon the challenge. Going green may help organisations save money by lowering energy costs, enabling them to qualify for green tax credits, increasing operational efficiency, and incorporating circular economy principles.

 But becoming eco-friendly is more than that, everyone is encouraged to go green to protect our planet from the man-made effects of global warming and climate change that we humans have created over several generations. Businesses that encourage ‘green’ values and eco-friendly practices boost their brand reputation as a result. And while it was many of the bigger businesses that were initially part of the Race to Zero campaign, the government has begun offering funding to small and medium-sized businesses wanting to embark on their green journey.

Government funding for businesses

As part of the government's aim to achieve net-zero emissions by 2050, about £5 billion in government grants is available to assist UK businesses in becoming more environmentally friendly.

Industrial Energy Transformation Fund (IETF) Phase 2

The current government funding opportunity available is the Industrial Energy Transformation Fund phase 2, which is a funding competition. This is a £70 million funding grant dedicated to economic and engineering studies, as well as the implementation of industrial energy efficiency and deep decarbonization projects in the UK.

Net Zero Hydrogen Fund

The NZHF aspires to facilitate the commercial deployment of innovative low-carbon hydrogen production projects throughout the 2020s. Strand 1 funds front-end engineering design and post-FEED investigations for new low-carbon hydrogen generation plants. Strand 2 offers funding for new low-carbon hydrogen production plants that will be operational in the early 2020s.

Industrial Hydrogen Accelerator Programme

The Industrial Hydrogen Accelerator Program funds initiatives that show end-to-end hydrogen fuel switching in industrial settings.

Unfortunately, these are the only three current government grants available, and they may not all be guaranteed. But having had many successful funding grants in the past, and the year 2050 still many moons away, the government is bound to be releasing many more grants and funding opportunities for businesses wanting to become green in the future.

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