What does the IETF mean for energy intensive users ?
EDITOR ’ S CHOICE CUTTING CARBON EMISSIONS
SHELL ENERGY
What does the IETF mean for energy intensive users ?
The government has officially announced the recipients of more than £ 12m in grant funding to help energy intensive industries cut their carbon emissions and streamline energy costs . Awarded as part of the Industrial Energy Transformation Fund ( IETF ), capital has been split between 22 pioneering projects across sectors including pharmaceuticals , steel , paper and food and drink .
Aiming to future-proof British businesses and accelerate the UK ’ s green industrial revolution – a wider ambition to decarbonise industrial processes and reduce national reliance on fossil fuels – funding will be used to deploy new technologies and improve efficiencies . So far , more than £ 34m has been awarded through the framework since its introduction in June 2020 , with additional phases to be announced later this year .
Commenting on the announcement , Jodie Eaton , CEO of Shell Energy , said :
“ It ’ s positive news indeed to see further government support given to energy intensive industries . Grant funding is essential to help drive the future of British industry , especially when it comes to innovation , efficiency and the roll-out of new technology .
“ While the IETF should be celebrated , it ’ s just one of several government-backed initiatives created to support energy intensive industries . From the £ 289m Industrial Energy Transformation Fund , which offers support for businesses with high energy use to cut bills ; and the £ 1bn CCUS Infrastructure Fund , which supports transport , storage and industrial carbon capture projects ; to the £ 240m Net Zero Hydrogen Fund , which aims to accelerate low carbon hydrogen production initiatives , grant funding is playing a key role in decarbonising industrial processes .
“ But despite such a plethora of support options available , there are thousands of large businesses across countless industries where energy plays a significant operational role . Government funding alone can ’ t provide all the support needed , which means that planning and accelerating net-zero strategies is quickly becoming business-critical .
“ That said , according to a recent poll of major energy users undertaken on a Shell Energy webinar , just 37 % of attendees considered themselves on track to meet business decarbonisation goals . The vast majority saw clear room for improvement , with 11 % admitting to not being on track at all .
“ The fact of the matter is simple . Navigating the road to decarbonisation is complex , yet essential in both cutting carbon emissions and streamlining energy costs . Businesses must ask themselves the challenging questions – how are you fairing on the journey towards net-zero ?
28 PECM Issue 62