The Sustainable Innovation Fund is launched by governmentPrint publication
At the end of June, the government unveiled the £200 million Sustainable Innovation Fund to help innovative businesses bounce back following the Covid-19 pandemic.
On 27 June 2020, the government launched the Sustainable Innovation Fund to drive forward cutting-edge new technology following the coronavirus crisis. The fund is intended to develop new sustainable opportunities for businesses in any sector, while assisting the UK in meeting its ambitions to cut carbon emissions to net zero by 2050.
According to the government’s press release, the fund will be open to UK companies which need urgent financial support to keep their cutting-edge projects and ideas alive. The funding could go towards developing new technologies focused on making homes and offices more energy efficient to cut bills, creating ground-breaking medical technologies to treat infections and diseases, or reducing the carbon footprint of public transport. In a move to support people across the country to establish more ‘climate-positive’ behaviours, businesses and start-ups could also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste to sustainable biodegradable packaging.
The funding will be delivered through Innovate UK and forms part of a wider £750 million package of grants and loans announced in April 2020 to support innovative firms via the Future Fund (see our article Innovative firms promised extra funding support).
Dr Ian Campbell, Executive Chair, Innovate UK said: “Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus. Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future.”
Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website.