“Today’s announcement will give industry the certainty it needs – committing to 25 years of funding in this groundbreaking technology – to help deliver jobs, kick start growth, and repair this country once and for all,” Prime Minister Keir Starmer said in a statement.
The UK recommitted to a major investment in carbon-saving technology even as rising costs mean it will only be possible to capture a fraction of the emissions released from industrial sites compared to previous estimates.
The government said it will spend as much asGBP21.7 billion ($36.94 billion) over 25 years to capture and store CO2 emissions from two industrial areas in Britain. It delivers on a promise made by the previous Chancellor of the Exchequer Jeremy Hunt last year, but pledges funding for just three of the eight projects shortlisted for the program after supply chain costs rose sharply in recent years.
