UK Government Commits £22bn To Carbon Capture & Storage Technology

14th October 2024

The UK government’s pledge of £22bn to fund carbon capture and storage (CCS) has been hailed as a potential safeguard for certain industry jobs. While this costly technology is seen as essential to meeting the UK's climate goals, environmental groups have raised concerns that its misuse could extend reliance on fossil fuels.

In an announcement last week, the new Labour government outlined plans to allocate £22bn in subsidies for CCS over the next 25 years. The initiative aims to help the UK reach its climate targets and boost the nation’s industrial revitalisation. Energy Security and Net Zero Secretary Ed Miliband declared on Sky News that “a new era begins today,” with CCS offering "good jobs" while preventing carbon from entering the atmosphere, showcasing the government's commitment to domestic investment.

Prime Minister Sir Keir Starmer emphasised that the investment would "reignite our industrial heartlands by focusing on the industries of the future." However, questions remain regarding the most effective use of this costly technology. Of the total funding, £21.7bn will be directed towards three major projects in Teesside and Merseyside. These projects will involve building the necessary infrastructure to transport and store captured carbon, helping to develop industrial clusters in these regions.

The funding will also support two carbon transport and storage networks, carrying captured emissions to deep geological storage sites in Liverpool Bay and the North Sea. The government believes this move will inspire confidence in UK industry, attract £8bn in private investment, directly create 4,000 jobs, and support 50,000 jobs in the long term. Officials estimate that the projects will remove 8.5 million tonnes of carbon emissions annually, with operations set to begin by 2028. These projects are part of a broader initiative, first announced in 2023, to capture and store 20-30 million tonnes of CO₂ per year by 2030.

Protea has a complete Carbon Capture and Storage, CCS section with more information at https://www.protea.ltd.uk/carbon-capture-and-storage-ccs. Carbon Capture and Storage (CCS) could be key in the reduction in Carbon Dioxide (CO₂) from industrial processes.

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