UK finance minister Jeremy Hunt
UK backs CCUS with £20bn funding pledge
Government commitment reassures investors and paves way for first two industrial clusters
The UK government has committed up to £20bn ($24bn) to support the deployment of CCUS in a move that enables the development of two planned low-carbon industrial clusters to go ahead. The first tranche of funding will go to CCUS projects to be deployed within the UK’s 'track one’ East Coast and Hynet clusters. A shortlist of projects applying for funding will be published later this month. Further CCUS projects will be able to enter a selection process later this year for inclusion in those clusters. “I am allocating up to £20bn of support for the early development of CCUS, starting with projects from our East Coast to Merseyside to North Wales—paving the way for CCUS everywhere across the U
Also in this section
30 January 2025
The UAE’s oil and gas company puts its faith in technologies including CCS and AI to deliver its emission-reduction goals
27 January 2025
Regional state-owned firms are transforming their strategies and leveraging their resources to position themselves as clean energy powerhouses, and to ensure they maintain influence in a low-carbon world
24 January 2025
Progress on the energy transition has slowed or even stopped, with greater societal engagement we can revitalise it
23 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
