Ofgem hands out £84m to boost UK’s net zero

By Finance News On Sep 7, 2024

Ofgem has approved funding for 12 new projects under the Strategic Innovation Fund (SIF), allocating £84 million to advance projects designed to help the UK achieve net zero.

This funding, provided in partnership with Innovate UK, is intended to support innovations and ideas that contribute to reducing carbon dioxide emissions.

The projects receiving this funding are designed to offer financial, environmental and societal benefits, aligning with the UK Government’s goal to establish the country as a leader in clean energy.

The funding will help accelerate progress towards the 2030 net zero target by supporting new technologies and solutions in the energy sector.

Key initiatives include SHIELD, led by UK Power Networks, which aims to make low carbon technology accessible for low income households, and the Flexible Railway Energy Hubs project, spearheaded by SP Energy Transmission, targeting decarbonisation of Network Rail.

Other projects, like Powering Wales Renewably, involve the National Grid Electricity System Operator and the Welsh Government, working to advance renewable energy and improve energy system resilience.

Marzia Zafar, Deputy Director of Digitalisation and Innovation at Ofgem, said: “As the race to hit net zero accelerates, we are empowering the ecosystem to develop bold, transformational projects that can prove their viability and offer significant benefits for the GB billpayer.”

Jodie Giles, Deputy Director of the Ofgem Strategic Innovation Fund at Innovate UK, said: “Delivery of these demonstration projects is how we learn about what actually works in reality and how we will harness the massive opportunities the transitions to net zero presents.”