Procurement information

CLOSED    Opened: 31 January 2022   |   Closes: 09 March 2022


Organisations can apply for a share of up to £1.5 million inclusive of VAT, to develop solutions that integrate climate and environmental factors in the financial services industry.


This is a Small Business Research Initiative (SBRI) competition funded by Innovate UK as a continuation of the Natural Environment Research Council (NERC) Climate and Environmental Risk Analytics for Resilient Finance (CERAF) competition, which focussed on academic innovation.

The aim of the competition is to demonstrate and deploy innovative solutions that integrate climate and environmental factors into financial services.

This is phase 1 of a 2-phase competition. The decision to proceed with phase 2 will depend on the outcomes from phase 1 and assessment of a separate application into a subsequent phase 2 competition.

In applying to this phase 1 competition, you are entering into a competitive process. Only successful applicants from phase 1 will be able to apply for the additional funding available in phase 2.

Any adoption and implementation of a solution from this competition would be subject of a separate, possible competitive, procurement exercise. This competition does not cover the purchase of any solution.

This competition closes at 11am UK time on the date of the deadline.

Funding type


Project size

Phase 1 projects can range in size up to total costs of £50,000 inclusive of VAT and up to 3 months duration.

Who can apply

Your project

Your project must:

  • start by 1 June 2022
  • end by 31 August 2022
  • last up to 3 months
  • have maximum total eligible costs of up to £50,000 inclusive of VAT

Lead organisation

To lead a project, you must:

  • be an organisation of any size
  • work alone or with others from business, research organisations, research and technology organisations or the third sector as subcontractors

Contracts will be awarded only to a single legal entity. However, if you can justify subcontracting components of the work, you can employ specialist consultants or advisers. This work will still be the responsibility of the main contractor.


A total of up to £1.5 million inclusive of VAT, is allocated to phase 1.

Phase 1 prototype R&D contracts will be up to £50,000 inclusive of VAT, for each project for up to 3 months. Innovate UK expect to fund up to 30 projects.

The second phase will involve up to 10 contracts being awarded to organisations chosen from the successful phase 1 applicants. Up to £1,000,000 inclusive of VAT will be allocated for each contract for up to 9 months, in order to demonstrate the product or service with your end user or customer.

The total funding available for the competition can change. The funders have the right to:

  • adjust the provisional funding allocations between the phases
  • apply a ‘portfolio’ approach

The contract is completed at the end of phase 1. Successful organisations from phase 2 are expected to pursue commercialisation of their solution.

Research and development

Your application must have at least 50% of the contract value attributed directly and exclusively to R&D services, including solution exploration and design. R&D can also include prototyping and field-testing the product or service. This lets you incorporate the results of your exploration and design and demonstrate that you can produce in quantity to acceptable quality standards.

R&D does not include:

  • commercial development activities such as quantity production
  • supply to establish commercial viability or to recover R&D costs
  • integration, customisation or incremental adaptations and improvements to existing products or processes

Subsidy Control

SBRI competitions involve procurement of R&D services at a fair market value and are not subject to Subsidy Control criteria that typically apply to grant funding.


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