The Department for Business, Innovation, Science and Trade (BIST) has put forward a proposal for a new £350 million Critical Chemicals Resilience Fund (CCRF). The scheme, intended to bolster the UK chemicals sector, is set to operate until March 2030.
The Subsidy Advice Unit (SAU) has accepted a request from BIST to provide a report evaluating the proposed scheme's compliance with subsidy control requirements. The SAU is expected to complete its report within 30 working days.
The CCRF aims to enhance the resilience and long-term sustainability of key production assets, reducing risks to supply continuity. Producers of strategically important chemicals, including those used in Critical National Infrastructure (CNI) sectors, will be invited to apply for funding for new capital projects. Successful applicants could receive up to 50% of eligible project costs.
The fund is due to open in the autumn, with eligible companies identified by BIST and ratified by industry experts. Applicants will need to submit a business case outlining their proposed investments and expected benefits.