UK pledges $22 billion in funding for carbon capture and storage projects

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The UK government has announced up to $21.7 billion in support to get the country's first carbon capture and storage project up and running. This is a significant moment for the nascent industry, but one that highlights the costs involved.

Ministers said the funding, over 25 years, will support two undersea carbon storage sites and pipelines capable of storing more than 8.5 million tonnes of carbon dioxide per year, as well as carbon capture in three planned projects to produce hydrogen, power and energy. He said it would be. Obtain energy from waste. The projects are located in Teesside and Merseyside in northern England.

According to provisional government statistics, the UK emitted 384.2 million tons of carbon dioxide in 2023.

Nonetheless, the move was a first step towards launching the industry in the UK and attempting to instil confidence in the government's seriousness towards the sector.

However, the three industrial sites that received support to apply carbon capture technology to their projects fall short of the eight industrial sites that entered into negotiations with the government last year. Now the prospects for support for the rest are unclear.

The government also did not provide specific details about its support for the next capture and storage project in Scotland and the Humber region, which the previous government had selected as the next recipient of support.

The Labor adviser said he remained committed to the industry in Humberside, Scotland and other parts of the country, adding that this was our first step and we would make future plans in due course.

The government said it would attract around $8 billion in private investment to the project, with support worth up to $21.7 billion through a mix of energy tariffs and Treasury funds.

The government is keen to highlight the UK's ability to secure private financial support ahead of an international investment summit on October 14.

Prime Minister Keir Starmer said the Government was reigniting the industrial heartland and this support would provide the certainty the industry needed.

CCS involves trapping carbon dioxide as it is produced, compressing it, and pumping it underground, sometimes into depleted oil and gas reservoirs, preventing it from being released into the atmosphere.

The technology is seen as central to the UK's legally binding target to reduce carbon emissions to net zero by 2050, but questions remain about its commercial and technical feasibility at scale.

Last year, global carbon capture capacity reached about 51 million tons, equivalent to 0.14% of global emissions, including projects in the U.S., Canada and Norway, according to BloombergNEF.

Previous government attempts to support the industry in 2011 and 2015 were abandoned at the last minute.

In 2023, then-Tory Prime Minister Jeremy Hunt pledged to invest $20 billion in CCS projects over 20 years. But none of that funding was made available before this year's general election.

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The carbon storage sites planned to secure support are the Italian oil giant Enis' project in Liverpool Bay in the north-west and the Northern Endurance Partnership on the north-east Teesside coast, being developed by BP, Equinor and TotalEnergies.

One of the power projects planned to receive support is the Net Zero Teesside gas-fired power station planned by BP and Equinors. Tees Valley Mayor Sir Ben Houchen said work would begin by the end of the year, creating 4,000 construction jobs.

The Protos waste-to-energy plant being developed by Encyclis and Biffa in Cheshire. The hydrogen production plant that Essar is developing at its refinery in Stanlow are two other industrial sites that have secured support for emissions capture.

Some scientists and environmentalists believe the industry is using CCS to extend the life of fossil fuel assets. But groups including the Climate Change Committee, which advises the government, believe it is necessary for the UK to meet its climate targets.

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