Alert 03.12.21
The Sustainable Finance Disclosure Regulations (SFDR) Are Now Applicable
Financial market participants and advisers in the EU now need to comply with the ESG disclosure regime.
Alert
Alert
By Victoria Judd,
03.19.21
UK Research and Innovation has moved its industrial decarbonization program further forward by awarding £171 million in funding to the projects that were selected earlier this year to support delivery of significant emissions reductions in heavy and energy intensive industries. When taken together with the £260 million amount that is required to be matched by industry as part of the program, this represents a significant step in UK government’s pursuit of its net zero emissions targets.
The projects and the funding awarded to them are:
Further details as to the project sponsors and locations can be found on the UKRI website (UKRI press release).
These nine green tech projects will undertake engineering and design studies for the development of decarbonization infrastructure in the UK, with particular focus on carbon capture and storage and hydrogen projects. The government support is directed towards the key UK industrial regions of Merseyside, South Wales, Teesside, Humberside and Aberdeenshire.
Each of the projects has considered the number of jobs created alongside the reduction of carbon emissions in putting together their plans, with a view to decarbonising key industrial clusters. It is estimated that in aggregate 80,000 UK jobs will be created over the next 30 years as a result of these projects, while cutting emissions by two thirds in just 15 years.
This funding illustrates the commitment to invest in large scale climate change projects ahead of COP26, to be held in Glasgow in November 2021, and is a step in the right direction to the extent that hydrogen and CCUS are to be an important part of the energy transition.