UK earmarks £20 billion for carbon capture and storage funding

The UK government has earmarked new funding to support carbon capture, utilisation and storage and (CCUS) projects as part of the country’s Spring Budget announced on Wednesday last week.

“I am allocating up to £20 billion [$24.3 billion] of support for the early development of [carbon, capture and storage], starting with projects from our East Coast to Merseyside to North Wales, and paving the way for CCUS everywhere across the UK as we approach 2050,” UK Chancellor of the Exchequer Jeremy Hunt said in a speech in the House of Commons.

Hunt described CCUS as “another plank of our green economy”.

Hunt said the funding will support job creations, with up to 50,000 private-sector jobs, and drive capture of carbon dioxide emissions of 20 million to 30 million tonnes per annum by 2030.

Under the CCUS Cluster Sequencing Process, the UK has a target to deploy two CCUS clusters by 2025, and two more by 2030.

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