UK backs hydrogen technologies with £400m loan
The UK will be on course to reach net zero by 2050, with the government taking out a £400million loan to boost research and development in sustainable technologies.
The loan will be provided to Johnson Matthey (JM), a leading London-based multinational specializing in sustainable technologies ranging from metal recycling to green hydrogen. Funding is provided by HSBC, Sumitomo Mitsui Banking Corporation and Bank of America, with the government backing it through UK Export Finance.
JM will invest in the latest research and development of sustainable technologies around the world. This will support high-skilled jobs in the country, with the company employing thousands of people in green jobs across the UK in Hertfordshire, Swindon, Lancashire and London.
With additional investments in hydrogen technologies, we can heat our homes, have fleets of hydrogen-powered trucks across the country, and provide the fuel needed for heavy-duty industries to downsize, such as steel or glass manufacturing. .
International Trade Secretary Anne-Marie Trevelyan said:
Investments in hydrogen technologies will rocket national energy production to a higher level than ever before, securing the future supply of cleaner energy at home and helping us to export abroad. This will create a healthier and richer future for the UK while protecting the planet.
JM is a world leader in the production of chemicals and sustainable technologies such as hydrogen that could power homes, transportation and industries around the world. The company has strong green credentials and 95% of its sales and R&D expenditure will contribute to sustainable projects by 2030.
In its agreement with HSBC, Sumitomo Mitsui Banking Corporation and Bank of America, JM has committed to reducing its greenhouse gas (GHG) emissions and decarbonizing its energy purchases, progress against its GHG reduction to be independently monitored by a third party. to party.
Stephen Oxley, CFO of Johnson Matthey, said:
Today’s announcement demonstrates the strength of JM’s commitment to the sustainability goals and targets announced last year. The loans will help support the important investments we are making to help create a cleaner, healthier world.