UK Pledges £21.7 Billion Over 25 Years to Carbon Capture Projects, Creating Thousands of Jobs

Oct 4, 2024, 09:38 AM

UK Prime Minister Keir Starmer announced a £21.7 billion investment over 25 years in carbon capture and storage (CCS) projects in Teesside and Merseyside, aiming to create thousands of jobs and attract billions of pounds in private investment. The funding includes support for the £4 billion Net Zero Teesside project led by BP and Equinor at Teesworks and is expected to generate 2,000 jobs in the Liverpool City Region. Energy Secretary Ed Miliband emphasized that the government's plans mark a new era for the industry, stating that CCS technology is essential for helping industries like cement to decarbonize without deindustrializing. The initiative aligns with the UK's goal of achieving energy independence by 2030 and becoming a global leader in clean energy technology. Local leaders, such as Tees Valley Mayor Ben Houchen and Liverpool City Region Mayor Steve Rotheram, welcomed the investment, highlighting its potential to boost growth and accelerate progress toward net-zero goals.