UK government or project developer announcements

UK Pledges £22 Billion for Carbon Capture Projects, Creating 4,000 Jobs in Teesside and Merseyside

Oct 4, 2024, 10:31 AM

The UK government has announced a £22 billion investment in carbon capture and storage (CCS) projects, marking a significant step in its commitment to achieving net zero emissions. The funding aims to create 4,000 new jobs and stimulate billions of pounds in private investment, particularly in regions like Teesside, Merseyside, and North Wales. Prime Minister Keir Starmer emphasized that this initiative would help the UK decarbonize without deindustrializing, ensuring a just transition for industrial heartlands. Rachel Reeves and the Energy Security Secretary also highlighted the importance of this investment for the country's energy transition. Despite the ambitious plans, the investment has faced criticism due to rising costs and concerns over its effectiveness. The government maintains that CCS technology is essential for reducing industrial emissions and securing the future of British industry.