The UK Government’s Chancellor of the Exchequer, Jeremy Hunt, is expected to pledge investment in carbon capture technologies while laying out a vision of increased investment in nuclear power in his Spring Budget on Wednesday (March 15).
The 20-year expenditure is hoped to help the UK hit net its Net Zero by 2050 target and boost green jobs.
In part, this is a response to US President Joe Biden’s recently announced massive package of green subsidies through the Inflation Reduction Act (IRA) and other policy measures.
CCS and other climate solutions are becoming an increasingly competitive field and the UK fears losing out after the IRA offers $370bn of subsidies and tax credits which could entice European companies to invest on the other side of the Atlantic.
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