Government unveils £200 million Sustainable Innovation Fund

03 Jul 2020

The government has launched its latest coronavirus (COVID-19) support scheme, termed the Sustainable Innovation Fund (SIF), which is aimed at helping businesses to keep 'cutting edge' projects and ideas alive.

The SIF will make almost £200 million available to UK companies that are developing new technologies in certain areas. These include making homes and offices more energy efficient, creating ground-breaking medical technologies, and reducing the carbon footprint of public transport.

The government has urged research and development-intensive businesses to apply for the funding, which aims to aid the UK's economic recovery and develop new sustainable opportunities for firms following the COVID-19 pandemic. The government also wants these technologies to help the UK meet its targets to cut carbon emissions to net-zero by 2050.

Commenting on the SIF, Business Secretary Alok Sharma said: 'Our country is home to some of the world's most cutting-edge businesses that turn ingenious ideas into new technologies every day. That's why we're backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic.

'I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK's economic recovery.'

Businesses can apply for support through the SIF by visiting the Innovate UK website.