Britain has announced a significant investment in clean energy, pledging up to £21.7 billion over the next 25 years to develop carbon capture and storage (CCS) and hydrogen technology in northern England.
“This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country,” said Chancellor of the Exchequer Rachel Reeves in a statement.
Britain aims to reach net zero emissions by 2050 and views CCS as a critical component in reducing emissions from energy-intensive industries while fostering job creation.
The investment will focus on two major projects: the HyNet North West cluster in Merseyside and a CCS project in Teesside.
The HyNet North West cluster aims to capture emissions from industrial plants and store them in depleted gas fields in the Irish Sea. Developed by a consortium led by Italian energy company Eni, the project is expected to decarbonize key energy-intensive industrial districts.
“HyNet will decarbonize one of the key energy-intensive industrial districts as well as unlock significant economic growth in this region of the UK,” said Eni CEO Claudio Descalzi.
In Teesside, oil and gas majors Equinor and BP are collaborating to develop a CCS project that will store captured emissions under the North Sea.
Combined, the two sites are projected to have an annual carbon capture capacity of 8.5 million tonnes, equivalent to taking four million cars off the road.
CCS technology involves capturing emissions from power plants and industrial facilities and storing them underground. Despite its potential, the technology has been slow to take off due to high project costs.
Britain’s previous conservative government had promised £20 billion of CCS funding, which was never fully awarded. The new commitment aims to fulfill that promise and accelerate the country’s transition to cleaner energy.
The substantial investment underscores Britain’s dedication to addressing climate change and advancing technological solutions to reduce carbon emissions, setting a precedent for other nations to follow.
($1 = £0.7625)
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Britain promises up to 21.7 billion pounds for cleaner energy
cgtn.com
