Upcoming UK Spring Budget to Include £20 Billion Investment Towards CCS
13th March 2023
With the UK government set to release its Spring budget on 15 March, Chancellor Jeremy Hunt has stated that carbon capture and storage efforts in the UK will receive £20 billion in funding supports over the next two decades.
The move builds on prior CCS commitments made by the UK government, including a £1 billion pledge to scale-up the technology through the CCS Infrastructure Fund (CIF), and targets to develop four CCS clusters in the country by 2030. Around 50,000 jobs are expected to be created through the new £20 billion investment.
The budget commitment is part of the government's broader aim to reach net-zero by 2050. Chancellor Hunt noted further that investments towards CCS and clean energy in the upcoming Spring budget will tackle concerns tied to energy bills and energy security.