Because the government has financed a £400 million loan to encourage research and development in sustainable technology today, the UK will be one step closer to attaining net-zero by 2050.
Johnson Matthey (JM), will get the loan. HSBC, Sumitomo Mitsui Banking Corporation, and Bank of America are providing the funding, which is backed by the UK government through UK Export Finance.
JM will invest in cutting-edge research and development in the field of sustainable technologies all around the world. This will help to support high-skilled employment in the United Kingdom, where the firm employs thousands of people in green jobs across Hertfordshire, Swindon, Lancashire, and London.
With further investment in hydrogen technology, we will be able to heat our homes, operate hydrogen HGV fleets across the country, and provide the fuel for heavy-duty industries like steel and glass production.
Anne-Marie Trevelyan, the Secretary of State for International Trade, said:
Hydrogen technology investments will boost domestic energy production to new heights, ensuring a steady supply of cleaner energy at home and assisting us in exporting. This will result in a healthier, wealthier future for the United Kingdom while also conserving the environment.
JM is a global pioneer in the development of environmentally friendly chemicals and technology, such as hydrogen, that might be used to power homes, transportation, and industry throughout the world. By 2030, 95 percent of the company’s sales and R&D spending will go toward sustainable initiatives.
JM has agreed to reduce its greenhouse gas (GHG) emissions and decarbonize its energy procurement as part of its deal with HSBC, Sumitomo Mitsui Banking Corporation, and Bank of America, with progress toward its GHG reduction objectives to be independently monitored by a third party.
Johnson Matthey’s Chief Financial Officer, Stephen Oxley, said:
JM’s commitment to the sustainability goals and targets established last year is demonstrated by today’s announcement. The financing will assist us in making a big investment to help create a cleaner, healthier planet.
