Projects that will benefit from the new government funding include green technologies such as using absorbents that can capture carbon dioxide directly from the air and capturing the carbon dioxide stored in natural material such as waste wood through combustion to produce energy.
The new scheme is expected to help these technologies scale up to be commercial projects by 2025.
In addition, energy entrepreneurs across the UK are set to get financial support to develop energy saving technologies, including a residential ventilation system that uses AI to improve efficiency.
A hydrogen fuel cell technology, which aims to replace diesel engines of boats and promises to save around 50,000 tonnes of carbon dioxide will also receive funding.
“This is not only good for the planet but will bring new jobs and investment across the UK.”