The UK’s carbon capture utilisation and sector (CCUS) sector received a £20bn funding boost from the Spring Budget today.
Jeremy Hunt, Chancellor of the Exchequer, said, “Today I want to develop another plank of green economy – Carbon Capture Usage and Storage (CCUS) – and allocating up to £20bn of support for the early development of CCUS, starting with projects from our east coast, to Merseyside, to North Wales, paving the way for CCUS everywhere across the UK as we approach 2050. That will support 50,000 jobs, attract private sector investment and help to capture 20-to-30m tonnes of CO2 per year by 2030.”
The Chancellor also announced a £600m tax relief package on energy efficiency measures, and pledged support for nuclear, classing it as ‘environmentally sustainable’.
“That will give it to access to the same investment incentives as renewable energy,” he said. “And alongside that will come more public investment. I am announcing the launch of Great British Nuclear, which will bring down costs and provide opportunities across the nuclear supply chain, to help provide a quarter of our electricity by 2050.”
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