Britain will invest 200 million pounds ($272 million) in the Acorn carbon capture and storage (CCS) project in Scotland, the government said on Thursday, fleshing out details of funding for the technology
Britain will invest 200 million pounds ($272 million) in the Acorn carbon capture and storage (CCS) project in Scotland, the government said on Thursday, fleshing out details of funding for the technology announced in a spending review on Wednesday.
Britain has a climate target to reach net zero emissions by 2050 and has said CCS will be needed to curb emissions from energy-intensive industrial sectors.
Acorn, being developed by Storegga, Shell UK, Harbour Energy and North Sea Midstream Partners, in St Fergus, Scotland, will capture carbon dioxide emissions from industry and store them under the North Sea.
"This vital support will enable the critical work needed to reach Final Investment Decision (FID) and marks a major step forward — not only for Acorn, but for the development of Scotland’s CCS infrastructure and the growth of a UK-wide carbon capture and storage industry," Tim Stedman, CEO of Storegga, said in an emailed statement.
The government said it would also back the Viking CCS project in the Humber region, in the north of England, without specifying how much it would receive.
"This (funding) will support industrial renewal in Scotland and the Humber with thousands of highly-skilled jobs at good wages to build Britain’s
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