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UK Spring Budget 2024 Allocates New Funding to Further Boost CCUS Deployment Across the Country
8th March 2024
On Wednesday 6 March, the UK Chancellor Jeremy Hunt presented to the House of Commons the government’s Spring Budget for 2024.
Among the measures envisaged in the budget to strengthening the country’s green industry and reducing the costs linked to the energy transition, Chancellor Hunt announced new funds intended to further drive the deployment of Carbon Capture Utilisation and Storage (CCUS) in the country.
In particular, the government decided to increase the Green Industries Growth Accelerator (GIGA) budget by up to £120 million, bringing the total funding available to support the expansion of UK’s low carbon manufacturing supply chains to over £1 billion.
The total fund allocated to GIGA will be split between different clean energy sectors, and up to £390 million will be allocated to CCUS and hydrogen’s supply chains.
This new funding opportunity builds on the investment decision already announced by the UK Government during the 2023 Autumn Statement, which outlined an investment increase for UK’s manufacturing sectors considered strategic for the green transition, including CCUS.
Given the UK’s objective to capture 20-30 million tonnes of CO2 per year through CCS by 2030, this move is expected to further support the scale-up of this technology, and contribute to the government’s ambition to reach net-zero by 2050.
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