National Wealth Fund Invests £28.6M in UK Carbon Capture Project, Supports 3,500 Jobs

The UK government, led by Chancellor of the Exchequer Rachel Reeves, has committed £28.6 million from the National Wealth Fund to the Peak Cluster carbon capture project, marking the fund's first investment in carbon capture technology. This initiative aims to develop a pipeline to capture and store over 3 million tonnes of CO2 annually from cement and lime industries in the Peak District, storing emissions beneath the Irish Sea. Supported by an additional £31 million from private partners, the project is expected to create and secure up to 13,000 jobs in regions including the Midlands, North West, Derbyshire, and Staffordshire, contributing to economic growth in Britain's industrial heartlands. The investment aligns with the government's Plan for Change and Industrial Strategy, focusing on decarbonizing hard-to-abate sectors and fostering Britain’s transition to a clean energy superpower. This project is part of a broader £5.8 billion commitment by the National Wealth Fund to support hydrogen, carbon capture, and related clean energy infrastructure by 2030. The government emphasizes the dual goals of environmental sustainability and economic revitalization, aiming to support workers transitioning from traditional industries to emerging low-carbon sectors.