Brussels, 04 October 2024 --
The UK government has announced a commitment of a nearly £22 billion over the next 25 years to fund critical carbon capture and storage (CCS) projects. This landmark move signals a significant step toward advancing the UK’s green transition and revitalising key industries.
Reacting to the news from the UK, Chris Davies, Director, CCS Europe, said: "The £22 billion headline figure sounds bigger than it is in reality given it will be spent over 25 years, but Energy Secretary Ed Miliband has given the lead CCS projects in the UK a financial commitment of support larger than anything else yet announced in Europe."
The UK's investment is intended to breathe new life into the UK’s heavy industry, with funds channelled into two major CCS clusters in Teesside and the North-West regions.
Davies went on to say: "With the European Commission President now calling for urgent preparation of an EU Industrial Decarbonisation Accelerator Act, the British announcement is a powerful reminder of the key role that carbon capture must play in climate change policy."