The UK Government has unveiled plans to invest around £150m in the construction sector over the next five years.
The government has set up a fund in order to help improve quality, reduce construction times and make buildings more efficient.
As per the plans, about £60m will be invested through the Technology Strategy Board to support the construction industry in designing and developing more energy efficient buildings.
The projects are anticipated to leverage an extra £60m of industry investment and £30m of additional funding from across government departments and other agencies.
UK Business Secretary Vince Cable said the country’s new and existing buildings must adjust to a low carbon economy.
"Investing in energy efficient construction projects is important to help industry and government achieve our aims of reducing greenhouse gas emissions by 50% by 2025," Cable said.
Cable noted that the construction industry contributes about £90bn to the UK economy and supports around three million jobs.
"We are well placed to take advantage of new and emerging energy efficient technologies, commercialise them and then export them across the world," Cable said.
The government has already invested £83m over the last five years in low carbon buildings, saving money for businesses and homeowners.
The future direct economic benefits of the investment are anticipated to be over £1.5bn and three quarters of the organisations supported are SMEs with fewer than 250 staff.
Technology Strategy Board director of innovation programmes David Bott said, "The government’s challenging target of an 80% reduction in the UK’s greenhouse gas emissions by 2050 called for innovation on a grand scale.
"We’ve been astounded by the enthusiasm with which the projects we’ve funded, through our Low Impact Buildings Innovation Platform, have grasped that challenge," Bott said.
Image: UK Business Secretary Vince Cable. Photo: Courtesy of the UK Government.