SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

The Brits are investing billions in carbon storage

The British government wants to invest 22 billion pounds (nearly 300 billion kronor) in carbon dioxide storage over the next 25 years.

» Updated: 08 October 2024, 06:33

» Published: 04 October 2024

The Brits are investing billions in carbon storage
Photo: Marit Hommedal/AP/TT

The money is intended for two industrial clusters, in Merseyside and Teesside in northwestern England and northern Wales, according to British media.

The government's commitment has led to companies such as BP and Norwegian Equinor investing an additional 8 billion pounds, according to The Guardian.

The so-called CCS projects involve capturing carbon dioxide in the chimneys of large emitters, such as factories and power plants. The carbon dioxide is then transported away for storage deep in the ground for thousands of years.

The technology has been identified as crucial for achieving emission targets, particularly in certain industries that will have difficulty reducing emissions. However, it has also been criticized for risking that emitters will continue to burn fossil fuels as usual. It is also a relatively new technology, with few large-scale projects realized, which requires a lot of energy.

The hope for the British projects is to start collecting carbon dioxide in 2028, creating 4,000 direct jobs and leading to emission reductions of 8.5 million tons of carbon dioxide annually, according to BBC.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

E-fuel company takes in half a billion
1 MIN READ

E-fuel company takes in half a billion

Nvidia's share price is pressured – despite strong report
2 MIN READ

Nvidia's share price is pressured – despite strong report

Small movements on the Stockholm Stock Exchange
1 MIN READ

Small movements on the Stockholm Stock Exchange

Bitcoin closer to the dream limit
1 MIN READ

Bitcoin closer to the dream limit

Higher fee to stop burning of plastic
2 MIN READ

Higher fee to stop burning of plastic

USA wants to force Google to sell Chrome
2 MIN READ

USA wants to force Google to sell Chrome

New method reveals pension fraud
3 MIN READ

New method reveals pension fraud

Most Minus Signs on Asian Stock Exchanges
1 MIN READ

Most Minus Signs on Asian Stock Exchanges

One of the world's richest bribed in the USA
2 MIN READ

One of the world's richest bribed in the USA

This is how Musk will save billions
2 MIN READ

This is how Musk will save billions

Yet Another Extremely Strong Report from Nvidia
2 MIN READ

Yet Another Extremely Strong Report from Nvidia

Better than expected for Nvidia
1 MIN READ

Better than expected for Nvidia

Department store giant sinks on Wall Street
1 MIN READ

Department store giant sinks on Wall Street

The FI's Advice: Have Accounts in Multiple Banks
1 MIN READ

The FI's Advice: Have Accounts in Multiple Banks

Break in Trend - Household Costs No Longer Rising
2 MIN READ

Break in Trend - Household Costs No Longer Rising

4,000 to Leave the Car Giant
1 MIN READ

4,000 to Leave the Car Giant

The VW Union Takes a Stand Against Factory Closures
1 MIN READ

The VW Union Takes a Stand Against Factory Closures

Slovakian Nuclear Power Plant Plan Approved
1 MIN READ

Slovakian Nuclear Power Plant Plan Approved

Giant boost for Turkish minimum wages on the way
1 MIN READ

Giant boost for Turkish minimum wages on the way

6 MIN READ