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Market
Which UK CCS project will be completed first by December 31, 2028?
3
Resolution / Starting Odds
HyNet cluster project • 25%
East Coast Cluster project • 25%
Blue hydrogen plants • 25%
Other projects • 25%
Project completion reports and UK government announcements
Story
UK Pledges £22 Billion Over 25 Years for Carbon Capture, Creating 4,000 Jobs
Oct 4, 2024, 07:00 AM
The UK government has pledged nearly £22 billion in funding over the next 25 years to develop carbon capture and storage (CCS) projects, aiming to accelerate progress towards net zero emissions and position the country as a clean energy superpower. The investment will support projects in Teesside and Merseyside, specifically the HyNet cluster in the north-west and the East Coast Cluster in the north-east, creating around 4,000 new jobs and revitalizing Britain's industrial heartlands. Initial projects include three blue hydrogen plants, two waste incinerators, two industrial sites producing cement and lime, and an 860MW gas power plant equipped with CCS technology. The funding is expected to unlock £8 billion in private investment and establish the UK as a leader in carbon capture technology.
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No • 50%
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Other • 25%
Yes • 50%
No • 50%
Post-combustion capture • 25%
Pre-combustion capture • 25%
Oxy-fuel combustion • 25%
Other • 25%
bp • 25%
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Another major energy company • 25%
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Yes • 50%
No • 50%
Teesside • 25%
Merseyside • 25%
North Wales • 25%
Other • 25%
Drax biomass plant • 25%
A coal power plant • 25%
An oil power plant • 25%
Other • 25%
New deep coal mine • 25%
New oil drilling project • 25%
New natural gas extraction project • 25%
No new major fossil fuel projects approved • 25%