08-04-2022

UK backs hydrogen technologies with £400 million awarded to Johnson Matthey

UK Export Finance guarantees sustainability-linked loan, supporting homegrown research and development in sustainable technologies and hydrogen.

• £400 million government-backed loan given to Johnson Matthey, which is developing global solutions to the climate crisis
• Cash boost will help deliver Government’s Ten Point Plan for a green industrial revolution
• Biggest single investment for a UK company researching hydrogen-based energy and re-usable technology of its kind will help tackle climate change and reach net-zero

The UK will be a step closer to reaching net-zero by 2050 as the government has underwritten a £400 million loan to boost research and development in sustainable technologies today (Wednesday, April 6).

The loan will be given to Johnson Matthey (JM), which is a world-leading multinational company based in London, specialising in sustainable technologies ranging from metal recycling to green hydrogen. The financing is being provided by HSBC, Sumitomo Mitsui Banking Corporation and Bank of America, with the government backing it via UK Export Finance.

JM will be investing in the latest research and development into sustainable technologies across the globe. This will support high-skilled jobs at home, with the company employing thousands of people in green jobs across the UK in Hertfordshire, Swindon, Lancashire and London.

With further investment in hydrogen technologies, we can heat our houses, have fleets of hydrogen HGVs across the country and provide the fuel needed for heavy to abate sectors, such as steel or glass making.

JM is a global leader in producing sustainable chemicals and technologies such as hydrogen that could power homes, transport and industries worldwide. The company has strong green credentials and 95% of its sales and R&D spend will contribute to sustainable projects by 2030.

In its agreement with HSBC, Sumitomo Mitsui Banking Corporation and Bank of America, JM has committed to a reduction in its greenhouse gas (GHG) emissions and to decarbonise its energy procurement, with progress against its GHG reduction goals to be independently monitored by a third party.