To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans the Government has to provide further financial support to the Industrial Energy Transformation Fund.
1 February 2021
The Industrial Energy Transformation Fund (IETF) was announced in November 2018 as a £315 million scheme to provide industry with support for energy efficiency and decarbonisation projects. The first Phase 1 competition, worth £30m, was held in 2020 and all applicants have now been notified of the outcome. The second Phase 1 competition will be held in Spring 2021. Projects funded by the IETF will help industry to reduce emissions and energy bills, while creating a green economic recovery.
The 2020 Spending Review announced increased investment to tackle climate change and deliver my Rt. Hon. Friend the Prime Minister’s Ten Point Plan for a Green Industrial Revolution. The IETF is a key part of the Government’s plan to decarbonise industry and any further financial support will be considered at the next fiscal event.