Labour announces record carbon capture funding confirmed
Thousands of jobs will be created in industrial clusters, attracting up to £8billion in private investment, as UK net zero takes a leap forward.
Two sites have received funding, in the North West and North East of England, directly creating 4,000 jobs. Up to £21.7billion has been made available over the next 25 years.
A further 50,000 roles are expected to be added to the local economies at associated companies, with the announcement coming ahead of the International Investment Summit – an initiative Downing Street says will catalyse ‘a decade of economic renewal and giving business confidence and opportunity to invest in the United Kingdom’.
‘[Last] Monday, 150 years of coal in this country came to an end. Today, a new era begins,’ said Energy Secretary Ed Miliband. ‘By securing this funding, we pave the way for securing the clean energy revolution that will rebuild Britain’s industrial heartlands.
‘I was proud to kickstart the industry in 2009, and I am even prouder today to turn it into reality,’ he continued. ‘This funding is a testament to the power of an active government working in partnership with businesses to deliver good jobs for our communities.’
The same technology has successfully been deployed in worldwide locations for 20 years, although not at the scale Britain’s current net zero strategy will need to rely on in the long term, with the country set to become a global carbon capture leader during the next two decade. Track-1 – Merseyside and Teesside – is expected to remove 8.5million tonnes of carbon emissions, equivalent to 4million cars each year.
‘We’re reigniting our industrial heartlands by investing in the industry of the future. For the past 14 years, business has been second-guessing a dysfunctional government – which has set us back and caused an economic slump,’ said Prime Minister Keir Starmer. ‘Today’s announcement will give industry the certainty it needs – committing to 25 years of funding in this groundbreaking technology – to help deliver jobs, kickstart growth, and repair this country once and for all.’
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Image: Shaun Wadham