Britain to Invest £200 Million in Acorn Carbon Capture Project

Britain has announced a significant investment of 200 million pounds ($272 million) in the Acorn carbon capture and storage (CCS) project in Scotland. This funding, detailed in a government announcement on Thursday, reinforces the commitment to developing carbon capture technology to meet the country’s climate goals.

With a target to achieve net zero emissions by 2050, Britain recognizes the importance of CCS in reducing emissions from energy-intensive industrial sectors. The Acorn project, a collaboration between Storegga, Shell UK, Harbour Energy, and North Sea Midstream Partners, aims to capture carbon dioxide emissions from industries and store them beneath the North Sea.

“This vital support will enable the critical work needed to reach Final Investment Decision (FID) and marks a major step forward for Acorn and the development of Scotland’s CCS infrastructure,” said Tim Stedman, CEO of Storegga.

In addition to the Acorn project, the government also plans to support the Viking CCS project in the Humber region of northern England, though specific funding details have not been disclosed.

“The funding will support industrial renewal in Scotland and the Humber, creating thousands of highly-skilled jobs and advancing Britain’s clean energy future,” stated Britain’s energy minister, Ed Miliband.

Once operational, the Acorn and Viking projects combined could capture up to 18 million tonnes of carbon dioxide annually, contributing significantly to emissions reduction efforts.

This funding is part of the government’s broader commitment to investing 9.4 billion pounds in carbon capture technology over the spending review period, building on the 21.7 billion pounds allocated for CCS over the next 25 years.

Overall, this investment underscores Britain’s dedication to advancing carbon capture and storage technology as part of its strategy to achieve a more sustainable and environmentally friendly future.

Source: Reuters