UK Invests £22 Billion in CCS Projects
UK Invests £22 Billion in CCS Projects
UK Invests £22 Billion in CCS Projects
News summary

The UK government has pledged nearly £22 billion over 25 years for carbon capture and storage (CCS) projects in industrial areas like Merseyside and Teesside. This investment, announced by Prime Minister Keir Starmer, aims to bolster economic growth, create thousands of jobs, and attract £8 billion in private investment from major energy firms, including BP and Equinor. The projects will capture carbon emissions from sources such as hydrogen and gas power production, storing them underground to help the UK meet its net zero targets. Despite being untested at a commercial scale in the UK, CCS is considered essential by climate advisers for reducing greenhouse gases. While environmental groups like Greenpeace criticize the technology for potentially extending fossil fuel use, the government argues it will revitalize the UK’s industrial heartlands. The investment reflects a significant increase in state funding for green initiatives, with the government adjusting fiscal rules to accommodate such capital spending.

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