18 November 2020, London UK – The Global CCS Institute welcomes the UK government’s latest funding announcement of £1 billion to support the development of four carbon capture and storage hub and cluster projects across the UK by the end of the decade.
The investment – which earmarks an additional £200 million on top of the existing £800 million in government funding announced in the Spring Budget to support CCS development – is part of a 10-point plan to reach net-zero climate targets by 2050. The funding will help support 50,000 jobs, potentially in areas such as the Humber, Teesside, Merseyside, Grangemouth and Port Talbot.
“The United Kingdom has shown that it’s serious about tackling industrial emissions”, said CEO of the Global CCS Institute Brad Page. “This latest move to develop CCS hubs and clusters across the UK is a significant step forward in mitigating emissions from the UK’s most energy intensive industrial sectors. Not only will these hubs significantly reduce emissions, it will be done through the shared use of CCS infrastructure and transport, helping to reduce the cost and risk to both industry and government”, added Page.
In 2019, the UK moved forward with commitments to place its 2050 net-zero emissions target into law. The government’s new 10-point plan is aimed to align with its current net-zero legislation as per the amended Climate Change Act
“The announcement shows leadership in the UK around CCS, an absolutely key climate technology”, said international adviser to the Global CCS Institute and renowned economist at the London School of Economics, Lord Nicholas Stern. “It’s very important for our own net-zero emissions target and it’s also important beyond the UK in terms of development of the technologies, which we are really going to need”, added Stern.
Along with significant investment towards carbon capture and storage, the UK’s new climate action efforts will also further support offshore wind, nuclear power and hydrogen.
More information on the UK government’s 10-point plan can be found here.
Media contact: Ruth Gebremedhin (London): +44 79502 78261, email@example.com
About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible by sharing expertise, building capacity and providing advice and support so that this this vital technology can play its part in reducing greenhouse gas emissions. For more information, visit globalccsinstitute.com