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13 Mar 20231 minute read

Budget to boost carbon capture and nuclear

ECAtoday
Budget to boost carbon capture and nuclear

Chancellor Jeremy Hunt is set to allocate a significant amount of funding in his upcoming Budget to support new carbon capture and storage (CCS) projects, as well as the construction of a new nuclear power plant. 

The budget, which is expected to be announced this week, will allocate around £20bn over the next 20 years to projects that aim to store 20-30 million tonnes of CO2 a year.

The funding for CCS is aimed at accelerating the development of technologies that can capture carbon dioxide emissions from industrial processes and power plants, and store them underground to prevent them from entering the atmosphere. The government hopes that this funding will help the UK to achieve its target of net-zero greenhouse gas emissions by 2050.

Energy Security Secretary Grant Shapps said of the plans: “Already a global leader in offshore wind power, we now want to do the same for the UK’s nuclear and carbon capture industries, which in turn will help cut the wholesale electricity prices to amongst the lowest in Europe.”

ECA works closely with its Members, industry partners and Government to help Britain transition to Net Zero Carbon. We produce regular guidance notes, technical bulletins, and industry updates to keep Members at the forefront of the Net Zero transition. Learn more here.

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