The government has recently pledged nearly £22 billion to fund projects aimed at capturing greenhouse gases from polluting plants and storing them underground. This initiative is part of an effort to reach strict climate targets and combat climate change. The plans are focused on generating private investment and creating jobs in Merseyside and Teesside, which are two industry-heavy areas that will house the new “carbon capture clusters.”
Energy Security and Net Zero Secretary Ed Miliband expressed his excitement about this new era that is beginning, emphasizing the importance of this new industry in preventing carbon emissions from entering the atmosphere. He also highlighted the government’s commitment to investing in the country.
Prime Minister Sir Keir Starmer also praised the move, stating that it would reignite industrial heartlands by investing in the industry of the future. However, there are still questions surrounding the best utilization of this expensive technology. Carbon capture, utilization, and storage (CCUS) technology has been developed to capture carbon dioxide emissions from burning fossil fuels or heavy industry and either put them to use or store them underground.
Although CCUS is costly and challenging, climate advisers like the Climate Change Committee and United Nations scientists believe it is essential to achieve net zero emissions, a target that the UK aims to reach by 2050. Net zero involves reducing emissions as much as possible and offsetting or capturing the remaining ones.
The government has committed up to £21.7 billion over 25 years to be allocated as subsidies to sites in the Teesside and Merseyside clusters starting from 2028. This funding will support projects that capture carbon dioxide emissions from various processes and store them in depleted oil or gas fields under the sea. The government aims to attract private investment, create direct jobs, and support additional employment opportunities through this initiative.
While this funding will cover fewer projects than initially anticipated, it is seen as a step towards laying the groundwork for further CCUS projects. Industry leaders and unions have welcomed this announcement, emphasizing the potential for job creation and community revitalization. The government hopes that this funding will pave the way for the transition of the oil and gas sector’s skills into green industries.
CCUS technology has seen slow progress over the years, with only a limited number of commercial sites globally. However, recent years have shown an increase in the development of CCUS projects worldwide. The government’s commitment to CCUS has been met with reassurance from experts who believe it is crucial in achieving the country’s climate goals.
Moving forward, there are discussions on how best to utilize CCUS technology, with some suggesting that it should be prioritized for industries that are challenging to decarbonize through other means. It is essential to ensure that the funding allocated to CCUS projects leads to impactful and sustainable solutions rather than reinforcing existing practices. The government’s investment in these projects is expected to shape the future of CCUS technology and its applications in combating climate change.
