UK backs low-carbon hubs with $28b funding pledge
Boost for CCUS and blue hydrogen projects as government confirms funding for HyNet and East Coast clusters
The UK government has committed to back the development of low-carbon hydrogen and CCUS with a funding package of up to £21.7b ($28.4b) over 25 years. The funding will be allocated across the country’s first two low-carbon clusters—HyNet and East Coast in northern England—which were prioritised by the previous government as “track one” projects. The funding is expected to be allocated mainly via CfDs, although these contracts have yet to be signed, a government official said. Private sector investment across the two hubs is expected to reach £8b, according to the government. “Today’s announcement will give industry the certainty it needs—committing to 25 years of funding in this groundbreaki
Also in this section
12 November 2024
Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub