UK Spring Budget allocates up to £20 billion to CCUS

CCUS

United Kingdom – As part of the nation’s Spring Budget, the UK government has allocated more funds to help carbon capture and storage (CCS) projects.

Up to £20 billion in allocated funds will encourage the capture of 20 million to 30 million tonnes of carbon dioxide annually by 2030, resulting in the creation of up to 50,000 employment in the private sector.

The UK aims to install two CCS clusters by 2025 and two more by 2030 as part of the CCUS Cluster Sequencing Procedure. At the north west and north east coasts of England, HyNet and the East Coast Cluster, respectively, were shortlisted in August of last year, and a first draft of their business models were published in November.

A selection of projects for the initial phase of CCUS deployment “will be announced later this month,” according to the Spring Budget paper. The document notes an extension of initiatives under Track 1 going place this year, and new clusters to be picked for Track 2, with “details released shortly”.

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Wim Raaijen
I am a creative publisher, editor in chief, writer, vlogger and moderator with a journalistic and philosophic based view. Trying to re-invent the concept of publishing, based on platforms and partners, instead of separated media and advertisements. I am interested in industrial subjects like transition, sustainability, safety, energy efficiency, innovation and responsibility.