Business Secretary Kwasi Kwarteng hosted a roundtable with industry leaders and investment groups today, as the Government aims to encourage investment into carbon capture, usage and storage (CCUS) in the UK.
CCUS is a key developing technology that involves capturing, transporting and storing carbon emissions from industrial processes, which would otherwise be released into the atmosphere.
Downing Street hopes to put the country at the forefront of the growing carbon capture market, which it believes could boost the economy by billion and create 50,000 jobs.
The Government called on industry and investment groups, including representatives from Mitsubishi, Natixis and SABIC, to share any potential barriers to investing in the CCUS market.
Ahead of the meeting, Kwarteng said: “There’s huge interest from companies and private investors eager to enter this nascent market and I want to know what more Government can do to unlock the enormous potential for carbon capture in the UK.”
The potential ramp-up in CCUS is supported by the £1bn Carbon Capture Infrastructure Fund which was agreed last November.
The fund will support Government and private sector ambitions to secure 2 CCUS industrial clusters by the mid-2020s, aiming for a further two clusters by 2030.
Last week, the Business Secretary announced that Downing Street will enter negotiations with the first CCUS-enabled projects over the coming months.
The meeting also follows Tata Chemicals opening the UK’s largest carbon capture plant in Cheshire following a £20 million investment, which includes £4.2m backing from the Government.
The site will aim to recycle 40,000 tonnes of waste CO2 each year.