Labour Pledges £22bn Over 25 Years for Carbon Capture in Teesside and Merseyside, Creating 4,000 Jobs

Oct 4, 2024, 09:21 AM

The UK Labour government has announced a £22 billion investment over 25 years in carbon capture and storage (CCS) projects in Teesside and Merseyside. Prime Minister Keir Starmer, alongside Energy Secretary Ed Miliband and Chancellor Rachel Reeves, unveiled the funding at the Teesworks site as part of efforts to decarbonize industry and create new jobs in Britain's industrial heartlands. Described as "the politics of national renewal," the investment is expected to create 4,000 jobs directly and support 50,000 jobs in the long term. The government emphasized that this initiative marks a new era for the clean energy industry and will help the UK transition to net zero emissions while avoiding deindustrialization. The CCS projects aim to capture carbon dioxide emissions from industries and store them underground, contributing to energy security and climate action.