{"id":51660,"date":"2024-10-04T14:41:15","date_gmt":"2024-10-04T13:41:15","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=51660"},"modified":"2024-10-04T14:41:15","modified_gmt":"2024-10-04T13:41:15","slug":"uk-government-unveils-21-7bn-funding-to-support-major-carbon-capture-projects","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/uk-government-unveils-21-7bn-funding-to-support-major-carbon-capture-projects\/51660\/","title":{"rendered":"UK Government unveils \u00a321.7bn funding to support major carbon capture projects"},"content":{"rendered":"

The UK has entered a new phase in clean energy investment and job creation, with the government today confirming a significant commercial agreement to kickstart carbon capture projects.<\/h2>\n

This move will support industrial growth, safeguard thousands of jobs, and position the country as a global leader in carbon capture, usage, and storage (CCUS) technology.<\/p>\n

Energy Secretary Ed Miliband highlighted the significance of the investment:\u00a0“On Monday, 150 years of coal in this country came to an end.<\/a><\/p>\n

“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. I was proud to kickstart the industry in 2009, and I am even prouder today to turn it into reality.<\/p>\n

“This funding is a testament to the power of an active government working in partnership with businesses to deliver good jobs for our communities.”<\/p>\n

\u00a321.7bn investment into northern England<\/h3>\n

Two major carbon capture projects will be developed in Teesside and Merseyside, with \u00a321.7bn of funding allocated over 25 years.<\/p>\n

These projects, part of a wider plan to invest in CCUS and hydrogen, are set to create 4,000 immediate jobs while supporting an additional 50,000 in the long term.<\/p>\n

The carbon capture projects are expected to attract \u00a38bn in private investment, revitalising the North West and North East industrial heartlands.<\/p>\n

Carbon capture to reduce millions of tonnes of emissions<\/h3>\n

CCUS technology<\/a>, already proven for over two decades globally, works by trapping carbon emissions before they enter the atmosphere and storing them safely under the seabed.<\/p>\n

This new initiative is expected to capture 8.5 million tonnes of carbon annually, the equivalent of removing four million cars from the roads each year. This is a significant step towards the UK’s goal of net zero emissions by 2050.<\/p>\n

Economic growth and clean energy leadership<\/h3>\n

This investment in carbon capture projects will also fuel growth in the low-carbon hydrogen sector<\/a>, with plans to establish the UK’s first large-scale hydrogen production plant.<\/p>\n

CCUS is critical to decarbonising heavy industry and has been hailed by experts as essential to the UK’s clean energy future.<\/p>\n

The government’s commitment follows recommendations from the independent Climate Change Committee, which has labelled CCUS indispensable for achieving the country’s legally binding climate targets.<\/p>\n

Prime Minister Keir Starmer added: “We’re reigniting our industrial heartlands by investing in the industry of the future. For the past 14 years, business has been second-guessing a dysfunctional government \u2013 which has set us back and caused an economic slump.<\/p>\n

“Today\u2019s announcement will give industry the certainty it needs \u2013 committing to 25 years of funding in this groundbreaking technology \u2013 to help deliver jobs, kickstart growth, and repair this country once and for all.\u201d<\/p>\n

Supporting skilled jobs and the energy transition<\/h3>\n

In addition to driving clean energy innovation, carbon capture projects are forecasted to boost the UK economy by \u00a35bn annually by 2050.<\/p>\n

The industry is also poised to support skilled jobs, particularly as the oil and gas sector transitions away from fossil fuels.<\/p>\n

This focus on transferable skills ensures that workers can pivot into new, sustainable industries, keeping the UK at the forefront of clean energy technology.<\/p>\n

With this announcement, the UK solidifies its role as a pioneer in combating climate change while strengthening its economy through cutting-edge carbon capture projects.<\/p>\n","protected":false},"excerpt":{"rendered":"

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