UK government to channel more than $1.49B into maritime industry growth

The United Kingdom (UK) government has decided to allocate over £1.1 billion (approximately $1.49 billion) in joint government and industry investments for the maritime sector, seeking to expand growth and boost innovation in engineering, green technology and construction sectors.

Per the nation’s Department for Transport, the funding encompasses a private investment amounting to £700 million, which is set to go to major UK ports as well as industry stakeholders, and a public investment totaling £448 million aimed at slashing greenhouse gas emissions (GHG) from UK shipping.

As disclosed, both of the financing sets are envisaged to lend a helping hand to businesses as well as academia to develop the technological solutions that reduce carbon dioxide (CO2) emissions.

According to the government, the almost half a billion pounds is hoped to strengthen the UK SHORE program, which supports research and development (R&D) efforts regarding new, clean maritime technologies and fuels, such as electric propulsion, hydrogen, ammonia, methanol, and wind power, among others.

As informed, UK SHORE has thus far delivered £240 million to over 200 projects across the country. The program, together with Innovate UK, oversees