Technology

Scotland unveils USD 6.5 Mn fund to develop tech harnessing CO2

Scotland unveils USD 6.5 Mn fund to develop tech harnessing CO2
Scotland has reportedly unveiled a new fund of nearly USD 6.5 million to develop emerging technology that utilizes carbon dioxide.

Dubbed as the CO2 Utilisation Challenge Fund, it will aid organizations and businesses in developing and promoting the technology, which includes utilizing and converting CO2- the biggest reason for emissions leading to climate change- and leveraging it to make valuable products like synthetic fuels and proteins which can be used in aquaculture.

Scottish Enterprise will administer the CO2 Utilisation Challenge Fund which will be matched by the industry. This means more than USD 13 million could be invested in the program throughout its tenure of two years.

Michael Matheson, Net Zero and Energy Secretary, expressed that the government of Scotland is fully dedicated to becoming a net-zero economy. The latest reports from IPCC (Intergovernmental Panel on Climate Change) showcases that the consequences of climate change could be worse than expected and usual business activities are not an option anymore.

It is the need of the hour to develop and harness inventive technologies like carbon capture and storage as well as carbon capture and utilization, added Matheson.

Michael also noted that promising applications of carbon capture showcase that CO2 can be used to develop a circular economy whilst offering avenues for economic benefits and workforces across different sectors.

Andy McDonald, Scottish Enterprise’s Head of Low Carbon Transition believes that the fund will help in ensuring Scotland’s lead to counter climate change by backing innovative Scottish firms with the capability, ambition, and expertise to use carbon dioxide and convert it into commercially viable products.

McDonald added that the technology of carbon utilization has expansive advantages not only for the low-carbon economy of Scotland but also for the environment.

In short, the CO2 Utilisation Challenge Fund will ease the creation of high-value jobs while helping the country attain its target of net-zero emissions.

Source Credits: https://scottishbusinessnews.net/5-million-fund-launched-to-develop-carbon-dioxide-utilisation-technology/

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