UK pledges up to £21.7 billion for greener energy
Britain is pledging as much as 21.7 billion pounds to support the development of cleaner energy initiatives.
TroibNews 
The British government announced on Friday that it will allocate funding of up to £21.7 billion over 25 years for the development of carbon capture and storage (CCS) and hydrogen technology in northern England.
With a climate goal of achieving net zero emissions by 2050, the UK recognizes that CCS will be essential for reducing emissions from energy-intensive industrial sectors and creating job opportunities.
"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," stated Chancellor of the Exchequer Rachel Reeves.
CCS technology captures emissions from power plants and industrial activities for underground storage; however, its widespread implementation has faced challenges due to the high costs involved.
The previous Conservative government, which was ousted in July, had pledged £20 billion in 2023 for CCS funding, though these funds were never fully allocated.
According to the government, the two facilities in northern England are projected to have a combined annual carbon capture capacity of 8.5 million tonnes, which is roughly the equivalent of removing 4 million cars from the roads.
The HyNet North West cluster, located in Merseyside, aims to capture emissions from industrial plants and secure them in depleted gas fields in the Irish Sea. This initiative is being spearheaded by a consortium led by the Italian energy company Eni.
"HyNet… will decarbonize one of the key energy-intensive industrial districts as well as unlock significant economic growth in this region of the UK," remarked Eni CEO Claudio Descalzi.
Meanwhile, oil and gas giants Equinor and BP are collaborating on a project in Teesside designed to store captured emissions beneath the North Sea.
Lucas Dupont for TROIB News
With a climate goal of achieving net zero emissions by 2050, the UK recognizes that CCS will be essential for reducing emissions from energy-intensive industrial sectors and creating job opportunities.
"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," stated Chancellor of the Exchequer Rachel Reeves.
CCS technology captures emissions from power plants and industrial activities for underground storage; however, its widespread implementation has faced challenges due to the high costs involved.
The previous Conservative government, which was ousted in July, had pledged £20 billion in 2023 for CCS funding, though these funds were never fully allocated.
According to the government, the two facilities in northern England are projected to have a combined annual carbon capture capacity of 8.5 million tonnes, which is roughly the equivalent of removing 4 million cars from the roads.
The HyNet North West cluster, located in Merseyside, aims to capture emissions from industrial plants and secure them in depleted gas fields in the Irish Sea. This initiative is being spearheaded by a consortium led by the Italian energy company Eni.
"HyNet… will decarbonize one of the key energy-intensive industrial districts as well as unlock significant economic growth in this region of the UK," remarked Eni CEO Claudio Descalzi.
Meanwhile, oil and gas giants Equinor and BP are collaborating on a project in Teesside designed to store captured emissions beneath the North Sea.
Lucas Dupont for TROIB News
