Ofgem Launches £450 Million Green Innovation Fund

British energy regulator Ofgem on Tuesday has launched a £450 million ($617 million) fund aimed to promote green innovation across gas and electricity networks and help the country meet its net-zero climate targets.

The funds will be available to energy network companies over the next five years but could be extended in response to need and if strong plans are presented by the innovators.

The UK has committed to becoming net-zero by 2050. It planned to slash 68% of emissions by 2030 and 78% by 2035.

Ofgem identified heat, transport, data and digitalization, and whole system integration as the four major challenges that need to be addressed by network companies to make the funding available for them.

“What we need, more than ever, to reduce greenhouse gas emissions and reach net zero, is innovation. The strategic innovation fund means cutting-edge ideas and new technologies become a reality, helping us find greener ways to travel and to heat and power Britain at a low cost,” said Jonathan Brearley, Ofgem’s chief executive.

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