Energy company, Eni, has submitted all of the necessary documentation required to partake in the “Cluster Sequencing for Carbon Capture Usage and Storage Deployment: Phase 1” tender process held by the UK Government.
A successful bid will see the Carbon Capture Storage Infrastructure Fund (CCFI) granting access to Eni UK and its partners. This will allow financial support in the form of a non-repayable grant of £1bn providing four projects for the capture and storage of around 10 million tons of carbon dioxide (CO2) are realised by 2030.
One project stream is due to begin by 2025 (Track 1 projects) and the other will start by 2027 (Track 2 projects).
With the British Government promoting the idea of a ‘Green Industrial Revolution’, the fund is part of its ‘Ten Point Plan’ presented in November 2020. The plan involves an investment strategy consisting of £12bn in order to push forward the United Kingdom’s energy transition plan.
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