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The UK will meet its renewable energy targets by the year 2020 and the government aims to do this with the launch of a new £35 million fund to help small businesses demonstrate low carbon technologies.
According to the Energy Secretary Ed Davey, the UK is on course to meet its carbon emission reduction targets and to encourage more businesses to go ‘green’ the New Energy Entrepreneurs Fund has been designed which is a three year government programme.
The scheme will help companies to apply for funding of up to £1 million towards renewable energy sources such as advanced lighting, heat pumps and ventilation technology.
As well as demonstrating low-carbon technologies, the support package also aids businesses to develop services and business models and successful businesses, picked by a panel of investors working for the Department of Energy and Climate Change (DECC), will also be given expert advice on how to bring their ideas into fruition.
The current UK target is to source 30% of all electricity from renewable sources in the next eight years and last year the Chancellor George Osborne warned that the country’s drive to meet the emissions reduction could not come at the expense of extra burdens on business.
The latest development follows a recent report that announced Britain and Denmark are to swap renewable wind energy via the build of a huge power cable. It was claimed by Britain’s National Grid and Denmark’s Energinet.dk that the countries will import and export renewable energy to increase market competition and that they will do so by creating a super grid in the North Sea to connect offshore wind power.
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