To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the £5.2 billion research and development funding announced at the Autumn Budget and Spending Review 2021, what proportion of that funding will support the UK’s net zero target.
6 December 2021
The Autumn 2021 Spending Review (SR) announced record-breaking investment in the UK’s world leading research base, increasing by £5.2 billion to £20 billion per annum by 2024/25 in line with the target of UK economy-wide R&D investment reaching 2.4% of GDP by 2027. The Net Zero Strategy also confirmed that we have mobilised over £26 billion of government capital investment for the green industrial revolution, including at least £1.5 billion for net zero research and innovation.
Following the SR, BEIS is currently working through the allocations process to set detailed R&D budgets through till 2024/25. Further details of how this funding will be allocated will be announced in due course.