- UK government publish its carbon capture policy framework.
- The new carbon capture industry to support 50,000 jobs in the UK in 2030.
The UK government has published its long-awaited policy framework to support new Carbon Capture, Usage and Storage (CCUS) projects.
The UK had previously announced its ambition to invest up to £1 billion to support the deployment of CCUS technology in at least two industrial clusters by the mid-2020s and four by 2030 at the latest.
The new Dispatchable Power Agreement, the UK’s first official CCUS framework, is expected to support the three power CCUS projects shortlisted, including the HyNet cluster in North West England and North Wales and the East Coast Cluster in the Teesside and Humber.
The government said contracts would define important UK business models, such as carbon rates and testing requirements, to provide industry and investors with a solid policy framework upon which to base their business and investment decisions. Officials believe a new carbon capture industry could support up to 50,000 jobs in the UK in 2030.
Climate and Energy Minister Graham Stuart stated that businesses need to know that the UK is the best place for carbon capture investment.