The Global CCS Institute has welcomed the UK government’s latest funding announcement of £1 billion to support the development of four carbon capture and storage hub and cluster projects across the UK by the end of the decade.
The investment – which earmarks an additional £200 million on top of the existing £800 million in government funding announced in the spring budget to support carbon capture and storage (CCS) development – is part of a 10-point plan to reach net-zero climate targets by 2050. The funding will help support 50 000 jobs, potentially in areas such as the Humber, Teesside, Merseyside, Grangemouth and Port Talbot.
“The UK has shown that it’s serious about tackling industrial emissions,” said CEO of the Global CCS Institute, Brad Page. “This latest move to develop CCS hubs and clusters across the UK is a significant step forward in mitigating emissions from the UK’s most energy intensive industrial sectors. Not only will these hubs significantly reduce emissions, it will be done through the shared use of CCS infrastructure and transport, helping to reduce the cost and risk to both industry and government.”
In 2019, the UK moved forward with commitments to place its 2050 net-zero emissions target into law. The government’s new 10-point plan is aimed to align with its current net-zero legislation as per the amended Climate Change Act.
“The announcement shows leadership in the UK around CCS, an absolutely key climate technology,” said International Adviser to the Global CCS Institute and Economist at the London School of Economics, Lord Nicholas Stern. “It’s very important for our own net-zero emissions target and it’s also important beyond the UK in terms of development of the technologies, which we are really going to need.”
Along with significant investment towards carbon capture and storage, the UK’s new climate action efforts will also further support offshore wind, nuclear power and hydrogen.
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