
The Chancellor of the Exchequer is facing a tough call to make fiscal ends meet in the 2024 autumn budget. Raising energy efficiency, moving over to renewable energy, and commercialising UK-made green-tech innovations successfully in home and global markets will make her task much easier.
The next step for 11 Downing Street will be challenging – turning election promises into policies using a piggy bank with a big black hole. As explained below, developing an investment boosting green taxonomy, make carbon capture, utilisation, and storage (CCUS) a reality, and upgrading energy grids, should figure in the Treasury’s plans.
Business needs clarity on these key, green-related issues. However, East Lancs Chamber and RedCAT CEO Prof Miranda Barker OBE believes there are other helpful changes the Chancellor could include in her 30 October budget.
Join international decision-makers at COP29 …
Two weeks after the budget there is another important diary dates. From 14 to16 November, the Chamber Low Carbon (CLC) team will be in Baku, Azerbaijan, with local companies representing Northwest enterprise at COP29.
Specifically, Miranda and Chamber Director of Sustainability Stephen Sykes, will be running the BCC business programme supporting our global BCC delegates with all things COP-related.
It is not too late to come too! For more information, please contact Jamie Parker-Jervis at jp.jervis@redcatventures.co.uk.
Destination Net Zero Mach II (10 October 2024) …
As supply chain pressures mount, the CLC team has updated our popular Destination Net Zero programme. To find out what this means please join us in Fleetwood – see full details later.
Sustainable workshops for local businesses …
Also starting in October, you can join us for a series of fully-funded workshops CLC is presenting with UCLAN to discover why carbon matters to your business, sustainability’s financial benefits, and how to future-proof your operations. Again, information about individual sessions is given below
The right information to tell the right investment story …
RedCAT CEO Stuart Thompson also looks in his monthly series at the next step in commercialising groundbreaking British innovations to compete successfully in vital new markets.
Deep pockets – empty pockets …
The Government says money will be in short supply this autumn. However, while social and public service commitments are likely to figure highly in Ms Reeves’ first Budget, her economic growth policies will hopefully include important low-carbon and green technology measures which we will encourage her to make an early priority.
We believe investing time and effort to cut the UK’s carbon footprint – along with the development and effective marketing of innovative green-tech – hits the two birds of stimulating the economy and solving major environmental problems.
Green growth – making it easier to reach net-zero …
As Miranda explains, these twin-goals would not make great demands on the Treasury. “Fiscally-neutral policy changes need to be made to increase the take up of net-zero technology in several ways,” she says.
“An example is where suppliers bid for UK public sector procurement. All levels of funding for government contracts should include a Carbon Reduction Plan PPN06/21 (https://www.gov.uk/government/publications/procurement-policy-note-0621-taking-account-of-carbon-reduction-plans-in-the-procurement-of-major-government-contracts).
“Another important step to cut waste, and therefore carbon emissions, would be to introduce a comprehensive landfill tax escalator,” she adds. In his 2024 Spring Budget, former Chancellor Jeremy Hunt raised both the standard and lower rates of Landfill tax for 2025-26. His aim was to incentivise investment in sustainable waste management infrastructure by ensuring waste material does not fall down the hierarchy while boosting the circular economy.
“But no minister since Michael Meacher in 2003 has really been committed to a climate-benefitting landfill tax escalator,” Miranda notes.
Meeting legally-binding mid-century emission reduction targets should also figure strongly in all residential, commercial, and industrial developments and redevelopments. “Building and construction are major sectors that make sizeable impacts. Baseline net-zero planning requirements need to become mandatory in both cases,” she continues.
In October 2023, Regulation 2023/956 introduced the EU Carbon Border Adjustment Mechanism (CBAM) to cut carbon emissions, put a fair price on carbon emitted while making carbon-intensive goods imported to the EU, and encourage cleaner industrial production.
Miranda thinks a CBAM aim must be to rebalance the market in favour of UK low-carbon products.
Green taxonomy, CCUS, and energy grid upgrades …
UK Green Taxonomy – this would show whether investments are sustainable or not, via thresholds and targets to assess and identify activities, or assets, which meet key climate, social, green, or sustainable goals. The goal is to set out detailed technical specifications for economic activities that are environmentally sustainable in the UK market.
Miranda hopes the Treasury will ensure the views of all major UK industrial and business sectors are assimilated and the UK Green Taxonomy is delivered as soon as possible.
CCS/CCUS – Labour’s election manifesto included a further £1 billion to accelerate carbon capture technology and create UK CCUS leadership. The Government must decide soon whether to take this forward at scale. Track-1 ‘CCS cluster’ projects will allow the UK to meet its target of capturing 20-30 million tonnes of CO2 annually by 2030. Track 2 will learn lessons from Track-1 to mirror the transformational way offshore wind industry development costs were cut a decade ago.
It is vital the UK’s CCUS strategy is implemented in full in close consultation with industry as part of the national net-zero drive, stresses Miranda.
Energy grid upgrades – As mentioned last month (‘A new low carbon era begins … at many different levels’) speeding up the connection of new power infrastructure to the grid to deliver cleaner, cheaper power to homes and businesses is also an urgent net-zero priority.
Back by popular demand …
Destination Net Zero Mach II (Thursday, 10 October, 12:00 – 16:30, Park Avenue Highbury Stadium Fleetwood FY7 6TX)
Join us – and our co-hosts Wyre Council and Fleetwood Town Community Trust – at this thrilling in-person event where with like-minded individuals and industry experts we invite you to dive into the exciting world of sustainability and carbon neutrality.
We have revised our original programme in response to the IPCC 6th Assessment Synthesis Report (https://www.ipcc.ch/report/sixth-assessment-report-cycle/). As a result, Destination Net Zero support to Mach II – The Need for Speed, is designed to help organisations identify their carbon emissions, calculate their greenhouse gas inventory (carbon footprint, and produce a carbon reduction plan in line with the Cabinet Office’s template.
For full details, and to apply to join us, please go to https://www.eventbrite.co.uk/e/destination-net-zero-mach-ii-tickets-980143003107?aff=ebdsoporgprofile.
Chamber Low Carbon and UCLAN sustainable workshops …
Circular economy – financial and environmental benefits (Tuesday, 8 October 8, 9am – 1pm, Nelson & Colne College)
In the first event, we look at the circular economy and its many business benefits, from cost-savings and greater operational efficiency, to enhanced brand reputation, and access to new markets.
Specifically, minimising waste and extending product lifecycles can cut raw material use, plus production, and disposal costs. It can also open up new revenue streams via product-service systems, take-back schemes, and remanufacturing activities that create profitable new customer segments.
Optimising resource use and closing loops can also reduce dependency on virgin materials and volatile market prices – leading to greater operational stability and resilience.
– Environmental benefits: –
- These can include a reduced environmental footprint with minimum pollution, waste generation, and greenhouse gas emissions. That is good for the environment and aligns businesses with the growing consumer demand for sustainable products and practices.
- Improved resource stewardship – maximising the value of resources throughout their lifecycle contributes to the conservation of natural resources and protection of ecosystems.
- Enhanced brand reputation – consumers are also increasingly aware of environmental issues and looking for businesses committed to sustainability. Circular economy practices can enhance brand images and attract environmentally-conscious customers.
– Additional benefits: –
- Increased innovation – the circular economy encourages creative thinking and design innovation, leading to the development of new products, services, and business models.
- Stronger customer relationships – circular practices can build customer trust and loyalty, leading to higher customer satisfaction and retention.
- Improved supply chain resilience – closing loops and building local partnerships can reduce dependence on long complex supply chains and make businesses more resilient to disruptions.
- Specific business benefits – while it is important to consider your industry, operations, and target market, circular economy principles offer a more sustainable and profitable business model.
Follow-on sustainability workshops …
These will include: –
Circular economy – financial and environmental benefits (Tuesday, 8 October 8, 9am – 1pm, Nelson & Colne College).
Return on Investment – prioritizing high impact, cost effective initiatives (Tuesday, 12 November, 9am – 1pm, UCLAN Preston Campus).
Journey to Net Zero – planning and decarbonization strategies (Tuesday, 10 December, 9am – 1pm, Blackburn College).
Carbon Action Plan – understanding your carbon footprint, setting achievable goals and developing action plans (Tuesday, 14 January 2025. 9am – 1pm, Lancaster College).
The Next Steps – implementing strategies, actioning and monitoring (Tuesday, 11 February, 9am – 1pm, Burnley College).
RedCAT – the correct information to tell the right story …
As Stuart explained last month, Technical Readiness Levels (TRLs) are a very effective tool for showing long-term investors and financial backers the technical development stage of innovations in their commercialisation journey to new markets.
However, given the high initial post-prototype development costs and long periods almost always involved in cleantech, firstly, converting promising innovations into working demonstration units and, secondly, raising investment, he believes TRLs are a strong option for everybody.
“They start with ideation,” he explains, “… and end with being ready to sell to customers.” This understanding can bring a sense of relief to innovators, knowing that TRLs provide a clear path from start to finish.
Understanding SME jeopardy – As small start-up tech company entrepreneurs, Dave, Wendy, and Pete of ABC.com are typically in this position. Without help, they cannot navigate their innovation journey easily, lack experience, and do not have cash to spare. Given their situation, they will probably choose to make the hazardous commercialisation journey alone.
Meeting of minds – If innovators do decide to go it alone, then having a clear framework for monitoring their progress is crucial.
TRLs effectively break down the innovation process into stages, from initial ideation (TRL 1) to commercialisation (TRL 9). The framework helps innovators to understand where their technology stands and what activities are needed to advance it.
This clarity is crucial for early-stage innovators in identifying gaps, setting priorities, and planning the next steps.
Communication with stakeholders – TRLs also offer a universal language to communicate technology maturity to investors, partners, and grant agencies. Skilled founders and innovators will often use TRLs to help communicate the development stage of their technology. This can be helpful when establishing credibility and, therefore, trust.
Investors like to see that founders take a systematic and risk-managed approach. TRL frameworks allow potential investors to understand the development stage of an idea quickly. This clarity and simplicity in communication ensures that all stakeholders are well-informed.
Many funding agencies, government programs, and venture capital firms must clearly understand a technology’s maturity before committing resources. TRLs help innovators to align their projects with funding opportunities that target specific stages of development. For example, certain grants may focus on TRL 1-3 (research phase), while others may focus on TRL 4-7 (prototype and validation phase).
Best foot forward – Thinking from a buyer perspective, innovators need to ask themselves two questions. The first is “… is the problem we are trying to solve worth solving in a potential market?” The second is “… is there any value to solving it with our technology?”
Next month we will look at gathering information needed to tell a convincing and truthful commercialisation story. An extremely useful ‘tool’ here is to ask lots of pertinent questions because people do not think enough about what they really need. Being their sounding board adds value.

Featured News
28 November 2024