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<p>Government funding for green innovation is provided for private sector led technology
R&D through grants, procurement approaches and to a lesser extent equity interventions.
Additionally, DECC, Research Councils and InnovateUK are involved in European programmes
that can leverage significant funding from the EC while ensuring cross border collaboration.</p><p>Government
spent ~£1.3billion on low carbon innovation for the period 2011-15. In addition, the
Low Carbon Networks Fund which is funded by network operators is expected to allocate
~£440m over the period 2010-15. See table 1 attached:</p><p>Separately, the British
Business Bank has three main programmes for supporting early stage technology investment,
including in the clean technology area: the Enterprise Capital Funds targeted at early
stage venture capital investment; the UK Innovation Investment Fund (UKIIF) which
supports creation of viable investment funds targeting UK high growth technology-based
businesses; and the Venture Capital Catalyst Fund, launched in 2013.</p><p>As part
of the recent Spending Review, it was announced that the department for Energy &
Climate Change will double its innovation program to £500 million over the next five
years.</p><p>UK Green Investment Bank plc (GIB) also invests in innovative green projects,
though it does so on fully commercial terms and is focused on technologies ready for
deployment at full commercial scale and capable of attracting additional investment
from mainstream finance providers. Details of all GIB’s investments to date can be
found on the company’s website.</p>
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