Written question asked by Lord Taylor of Warwick (Non-affiliated) on Thursday, 20 April 2023, in the House of Lords. It was due for an answer on Friday, 5 May 2023. It was answered by Lord Callanan (Conservative) on Friday, 5 May 2023 on behalf of the Department for Energy Security and Net Zero.

Environment Protection: Technology

Question: To ask His Majesty's Government what steps they are taking to support companies investing in green technologies.

Answer: The Government’s Powering Up Britain Plan published last month sets out Government policies, backed by billions of pounds of Government funding, to support companies investing in green technologies. These included announcements such as £240m of funding for the Net Zero Hydrogen Fund, committing £160m for the Floating Offshore Wind Manufacturing Investment Scheme, £30 million provided through the Heat Pump Investment Accelerator, and up to £20 billion to support the early development of CCUS. The Spring Budget 2023 introduced the joint most generous capital allowance regime in the OECD and a higher rate of R&D Expenditure Credit.

Secondary information