The United Kingdom has announced a substantial investment of up to £21.7 billion ($28.46 billion) over the next 25 years to advance carbon capture and storage (CCS) and hydrogen technologies in northern England. This initiative is a critical component of Britain's commitment to achieving net zero emissions by 2050.
Chancellor of the Exchequer Rachel Reeves highlighted the economic and environmental benefits, stating, \"This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country.\"
CCS technology involves capturing emissions from power plants and industrial sources, then storing them underground to prevent them from entering the atmosphere. Despite its potential, CCS has faced challenges due to high project costs.
The funding will support two major sites in northern England with a combined annual carbon capture capacity of 8.5 million tonnes, equivalent to removing 4 million cars from the roads each year. The HyNet North West cluster in Merseyside, led by Italian energy group Eni, will capture emissions from industrial plants and store them in depleted gas fields in the Irish Sea. Claudio Descalzi, CEO of Eni, emphasized the project's role in decarbonizing a key industrial district and driving economic growth in the region.
Additionally, oil and gas giants Equinor and BP are developing a project in Teesside to store captured emissions beneath the North Sea. This collaborative effort signifies a major step forward in the UK's strategy to reduce carbon emissions and foster sustainable industrial growth.
Previously, the conservative government had pledged £20 billion for CCS funding in 2023, though it was not fully allocated before their departure in July. The current investment marks a renewed commitment to cleaner energy solutions and the creation of green jobs.
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Britain promises up to 21.7 billion pounds for cleaner energy
cgtn.com
