The UK Government's Industrial Energy Transformation Fund (IETF) is designed to help businesses with high energy use, such as energy intensive industries, to cut their energy bills and carbon emissions through investing in energy efficiency and low-carbon technologies. The UK government announced GBP 315 million of funding in the 2018 Budget, available up until 2025.
BEIS manages the IETF for England, Wales and Northern Ireland, with GBP 289 million to invest over consecutive application windows split into 2 phases.
In February 2021, the government announced GBP 40 million of investment for the next funding round to help polluting industries including steel, pharmaceuticals and food and drink to find new ways to reduce their carbon emissions and support the green industrial revolution by 2030. The first round in June 2020 saw £31 million of funding approved for 39 applications.