Source: Fintech Alliance
Back for its 9th edition, the UK’s tech flagship event brought more than 20,000 “global government and corporate leaders, inspirational start-up founders, senior investors and tech rising stars together to discuss the power of technology for societies”.[i] Taking place over the week of 13th June, the event centred around innovation at scale, exploring the next generation of technological innovation, and building a thriving tech industry. Further, there was impetus placed around sustainability, and it wasn’t just some of the technologies on display that were eco-minded; the entire event was promoted as ‘environmentally sustainable.’ Initiatives to make London Tech Week sustainable included power from renewable energy, recycling of badges and lanyards, catering using fresh and seasonal products, including plant-based solutions. There was also impetus placed on tackling sustainability-focused topics to inspire and deliver actionable takeaways on sustainability.
London Tech week saw the UK Government provide its backing for the so-called Clean Tech (Clean technology) industry, providing funding to the tune of £743 million as part of its ‘technologies of tomorrow’ funding boost. The investment comes as part of the UK government’s wider Innovation Strategy announced last July. This will see £22 billion of public and private sector funding harnessed to make the UK a global hub for innovation by 2035, with the strategy centred around four pillars:
Science Minister George Freeman, who attended the London Tech Week, said:
“We are living in a time of huge technological change. New technologies are creating new industries at a pace that would have been thought impossible, even 10 years ago. As a responsible government, we must give our researchers and innovators the tools and the wherewithal to flourish.”[iii]
Breaking down the £743 million announced at Tech Week, according to Edie.net, £481 million of the funding will be funnelled into UK Research and Innovation’s (UKRI) Infrastructure Fund over a three-year period. UKRI has confirmed that it will use £37m of this money to undertake “major upgrades” to its Airborne Atmospheric Measurements laboratory, which tracks pollution and climate change in the UK and internationally[iv]. UKRI will also receive £118 million for its Accelerating Impact Programme, which provides funding to university-led projects. A further £100m will be added to the UKRI’s Future Leader Fellowships scheme covering businesses, individuals, and academia. Smaller funding pots of £8.5m and £6m, respectively, have been allocated for UKRI’s work on the ethics of Artificial Intelligence (AI) and quantum computing. In further news, Innovate UK has also been awarded a £30m boost for its Fast Start competition. The Fast Start scheme provides funding to start-ups in sectors deemed as “key to building the UK’s future economy” – including climate monitoring and low-carbon innovation.
The news comes in follow-up to a much wider pledge by the Conservatives, who have already allocated £1bn to a net-zero innovation fund, which was created in March 2021, seeking to nurture climate-related technologies and low-carbon innovation. The fund already supports nascent technologies such as carbon capture and storage (CCS), green and blue hydrogen and small nuclear reactors[v].
[i] London Tech Week - London Tech Week
[ii] UK Innovation Strategy: leading the future by creating it - GOV.UK (www.gov.uk)
[iii] Cleantech a major focus as UK Government launches £743m ‘technologies of tomorrow’ funding boost - edie
[iv] Ibid
[v] Ibid
Lauren has extensive experience as an analyst and market researcher in the digital technology and travel sectors. She has a background in researching and forecasting emerging technologies, with a particular passion for the Videogames and eSports industries. She joined the Critical Information Group as Head of Reports and Market Research at GRC World Forums, and leads the content and data research team at the Zero Carbon Academy. “What drew me to the academy is the opportunity to add content and commentary around sustainability across a wealth of industries and sectors.”
