Innovation is key to developing the green technologies needed to tackle climate change. The Net Zero Innovation Portfolio is a £1 billion fund, announced in the Prime Minister’s ten point plan for a green industrial revolution, to accelerate the commercialisation of low-carbon technologies, systems and business models in power, buildings, and industry.
The Net Zero Innovation Portfolio provides funding for low-carbon technologies and systems. Decreasing the costs of decarbonisation, the Portfolio will help enable the UK to end its contribution to climate change. The Portfolio will decrease the costs of decarbonisation and set the UK on the path to a low carbon future. It will create world-leading industries and new green jobs, invest in our regions, and help make the UK a science and innovation superpower.
Focussed on 10 priority areas, it includes:
- floating offshore wind
- nuclear advanced modular reactors (supported through the aligned Advanced Nuclear Fund)
- energy storage and flexibility
- direct air capture and greenhouse gas removal (GGR)
- advanced CCUS
- industrial fuel switching
- disruptive technologies