In a landmark move for clean energy and economic growth, the UK government has announced funding for the country's first carbon capture sites. This initiative, coming just 10 days before the International Investment Summit, marks a new era for Britain's industrial heartlands and its journey towards net zero emissions.
Carbon Capture, Usage and Storage (CCUS) technology removes CO2 emissions before they reach the atmosphere, storing them safely beneath the seabed. The government has confirmed up to £21.7 billion in funding over 25 years for two carbon capture sites in Teesside and Merseyside.
Prime Minister Keir Starmer emphasised the significance of this move:
We're reigniting our industrial heartlands by investing in the industry of the future. Today's announcement will give industry the certainty it needs – committing to 25 years of funding in this groundbreaking technology – to help deliver jobs, kickstart growth, and repair this country once and for all.
The projects are expected to:
- Create 4,000 new jobs directly
- Support 50,000 jobs in the long term
- Attract £8 billion in private investment
- Remove over 8.5 million tonnes of carbon emissions annually
Energy Secretary Ed Miliband highlighted the historical significance, "On Monday, 150 years of coal in this country came to an end. Today, a new era begins. By securing this funding, we pave the way for securing the clean energy revolution that will rebuild Britain's industrial heartlands."
Today, a new era begins.
This initiative is crucial for the UK to reach its legally binding target for net zero emissions by 2050. The International Energy Agency and the Intergovernmental Panel on Climate Change have endorsed CCUS as a critical tool in decarbonisation, particularly for heavy industries like cement and steel.
The announcement has been welcomed by industry leaders and environmental groups alike. Louise Kingham, SVP Europe and head of country, UK for BP, stated, "Major projects like these have the potential to help stimulate economic growth – supporting thousands of jobs, helping UK companies prosper through the vast supply chains involved and creating the infrastructure to help major industrial companies with their decarbonisation plans."
As the UK positions itself as a global leader in CCUS and hydrogen technologies, this investment signals a commitment to sustainable growth and innovation. The government's partnership with industry marks a significant step towards a cleaner, more prosperous future for the UK's industrial regions and beyond.
Source: www.gov.uk "Government reignites industrial heartlands 10 days out from the International Investment Summit" Press Release from Department for Energy Security and Net Zero, The Rt Hon Sir Keir Starmer KCB KC MP, The Rt Hon Rachel Reeves MP and The Rt Hon Ed Miliband MP
https://www.gov.uk/government/news/government-reignites-industrial-heartlands-10-days-out-from-the-international-investment-summit
