UK pledges 60 mln stg for CCS in developing nations

The U.K. allocated as much as 60 million pounds ($97 million) to encourage the development of carbon capture and storage technology in emerging markets. The funds will boost projects and develop new partnerships, U.K. Energy Minister Greg Barker said Wednesday in a statement. The money was drawn from International Climate Finance funding that’s already been announced, the e-mailed statement said. The International Energy Agency estimates that 3,400 plants using CCS technology are needed by 2050 to meet a goal of cutting carbon emissions in half. Efforts to introduce CCS are falling behind, along with nuclear power and biofuels, IEA Deputy Executive Director Richard Jones told energy ministers from 23 nations Wednesday in London.