Government wants large industrials to outline the barriers to investing in energy efficiency. It also seeks information on what has worked when resources have been deployed to cut consumption and carbon.
The informal consultation hopes to inform the design of the Industrial Energy Transformation Fund (IETF), which has a budget envelope of £315m to 2024.
The money will be spent on projects that help curb emissions and reduce energy consumption of the UK’s energy intensive industries – as well lay the ground for related projects, such as carbon capture and storage.
The department for business, energy and industrial strategy (Beis) wants to know if businesses would be prepared to use third party finance, what evidence they require to make energy efficiency investments, and what kind of payback periods businesses have realised from any recent investments.
It also asks for ideas on how the fund could best be targeted to deliver value for money and for views on other aspects of the scheme’s design.
Beis will launch a formal consultation on the IETF in Autumn, following the launch of a new energy white paper in summer.
In the meantime, the department seeks responses to its informal consultation by the end of May.