Government to provide £22 billion of funding for CO2 capture and storage

The UK government is to provide £22 billion of funding for CO2 capture and storage to bring the industry to maturity. From this year, the funds will finance the development of two underground storage sites in the North Sea, the construction of a network of gas pipelines and carbon sequestration at three industrial sites. Some of the CO2 sequestered on these sites will be converted into hydrogen. Together, these measures will absorb 8.5 million tonnes of CO2 per year out of total emissions of 384.2 million tonnes (2023).