Future Of British Business
UK Makes £20 Billion Bet on Carbon Capture in Race Against US
- Chancellor commits funds to limit carbon-dioxide emissions
- Investment competition builds as Biden draws startups to US
Smoke rises from a chimney stack at the steel facility in Port Talbot.
Photographer: Chris Ratcliffe/Bloomberg
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Britain’s pledge to pump money into carbon capture is ramping up a bet on the fledgling technology that’s fast becoming an international investment battleground.
Chancellor Jeremy Hunt on Wednesday officially committed as much as £20 billion ($24 billion) over the next two decades for local carbon capture and storage projects that pump emissions underground. CCS, which isn’t yet used at scale, is crucial to the UK’s net zero emissions target and will help expand green jobs.