The UK government has announced a £12.4 million fund to help energy intensive industries cut emissions and reduce costs. An energy intensive industry usually refers to businesses that operate in the industrial sector and for these businesses, energy costs are normally a high proportion of their production costs.
This funding has been awarded as part of the Industrial Energy Transformation Fund, which will support 22 projects in England, Wales and Northern Ireland. The majority of the projects that are set to receive this funding will be businesses operating in the manufacturing industry. This funding will be used to improve the energy efficiency of many industrial processes such as car manufacturing, steel production and food processing.
The department for Energy Security and Net Zero have said that increasing the energy efficiency of industrial processes will be very important as the UK looks to transition to a lower carbon economy.
Not only will this funding help reduce the carbon footprint of many industrial processes, but it will also reduce energy costs for these businesses which will help protect valuable British jobs.
To find out more about this funding please visit: Energy intensive industries given £12 million boost to cut emissions and costs - GOV.UK (www.gov.uk)
How can we help?
Hawsons has a dedicated team of specialist manufacturing and engineering accountants in Sheffield, Doncaster and Northampton.
Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
Craig Burton
Partner, Sheffield
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