Official announcements from UK government or involved companies

Ed Miliband Announces £22 Billion Carbon Capture Plan Creating 4,000 Jobs in Teesside and Merseyside

Oct 4, 2024, 07:02 AM

Ed Miliband, Secretary of State for Energy Security and Net Zero, has unveiled plans to prevent net zero blackouts by installing giant metal flywheels across Britain to stabilize the electricity grid. The government has pledged £22 billion over 25 years for carbon capture and storage (CCS) projects in Teesside and Merseyside, aiming to accelerate the UK's progress toward net zero emissions and achieve energy independence by 2030. These investments are expected to create up to 4,000 jobs, including 2,000 in the Liverpool City Region, and involve £21.7 billion in investment. The Net Zero Teesside project, led by bp and Equinor at Teesworks and valued at £4 billion, has been highlighted as a significant component of this initiative. Ben Houchen, Mayor of Tees Valley, described the announcement as his proudest achievement, noting it results from seven years of hard work.