The UK is handing out financial injections to its greenest start-ups, as it continues its push towards net zero carbon emissions by 2050. According to Computer Weekly, it will hand out roughly $175 million to 1,069 of the country’s most eco-friendly businesses.
The funding, approximately $228 million per start-up, should be spent to drive up productivity, create new jobs and develop new technologies, all with the goal of tackling climate change and our negative effects on the environment. The funding comes from the Innovate UK Sustainable Innovation Fund, part of the $718m-heavy Covid-19 relief package.
“Today’s investment will ensure that our innovators and risk-takers can continue to scale up their ideas, helping the UK to build back better and ensure we meet our clear commitments on tackling climate change,” said Business Secretary Alok Sharma.
Among the companies to receive funding is Rovco, which builds autonomous underwater tools to inspect large offshore wind turbines. There’s also Oceanium, which aims to turn seaweed into packaging, to reduce plastic waste.
Climate change is both a huge challenge and an enormous opportunity. While rising sea levels, increasing temperatures, frequent wild storms, floods, bushfires and unexpected new diseases can be disastrous to both humans and economies, they give rise to creative solutions such as solar-powered devices, autonomous sea-cleaning tools and AI-powered software that reduces power consumption.
“Yet again we see the exciting range of business innovation taking place across the UK, despite these difficult times,” said Ian Campbell, Executive Chairman at Innovate UK.
“Every initiative we’ve supported here represents an important step forward in sustainable economic development, but also one step nearer dreams becoming reality for ambitious, hard-working company owners and their staff.”