UK to spend £22 billion on carbon capture

The money will go to three carbon capture projects in Teesside and Merseyside in the north of England.

Prime Minister Keir Starmer believes this week has marked a milestone for Great Britain.

– This week we saw the end of coal power, which has built this country for many years. Now we see our new future on the horizon with carbon capture and storage – the largest carbon program in this new industry in the entire world, Starmer said during a visit to Chester, near Liverpool.

Britain’s last coal-fired power station, at Ratcliffe-on-Soar in England, closed its doors for good on Monday. Thus it was the end of a 142-year-long tradition. The world’s first coal-fired power station opened in London in 1882.

With the billion investment, the government hopes to breathe life into the regions affected by the decline in industry.

– Decarbonisation does not mean deindustrialisation, said Starmer.

The plan is to raise a further £8 billion from private investors. According to the plan, the UK will be ready to store CO2 from 2028.

The previous government wanted to spend £20 billion over 20 years on carbon capture. However, Starmer claims that the Tories had not set aside money or landed any agreements on this.