New £3million prize for ‘Greenius’ technology

The Green Genius, or 'Greenius', contest will look for solutions to issues such as how to better manage our water resources and ensure a secure supply of clean, green and reliable energy. Successful projects will aim to develop technologies that secure long-term resource security, are economically and environmentally affordable and which support improvements in the natural environment. Deputy Prime Minister Nick Clegg commented: "When it comes to green innovation, Britain is a world leader. The 'green' sector is worth 8% of UK GDP – the largest proportion of any of the leading industrial G20 nations – and employs almost 940,000 people - up 2.8% from last year. Sales in the green economy are also growing at a rate of 4.7%. "Now we want the very best of Britain's green talent to set their minds to some of the toughest challenges facing the country today." Business Secretary Vince Cable added: "Low carbon industries have a key role to play in building strong, sustainable and balanced growth. There is great potential for our world leading companies and engineers to be at the forefront of developing new technologies which can help combat some of the most pressing issues facing all of us. By helping to bring those ideas to market we can not only benefit our economy, but also the environment." The competition will be run by the Technology Strategy Board and will begin later this year.