Invest £800 million to build a carbon capture storage cluster
Last updated 4 weeks ago
Conservative Party Manifesto 2019, p.55
We will invest £800 million to build the first fully deployed carbon capture storage cluster by the mid-2020s.
- This is a promise to invest £800 million to build and deploy a carbon capture and storage (CCS) cluster by the mid-2020s, capable of permanently and safely storing carbon dioxide.
- The March 2020 Budget announced the creation of “a new CCS Infrastructure Fund of at least £800 million” and promised that CCS would be established “in at least two UK sites, one by the mid-2020s, a second by 2030”. The November 2020 Spending Review set out a funding schedule, detailing planned investment of £1 billion in CCS across the period 2021-2025. (It’s worth noting that early in 2021 debates about the wisdom of relying heavily on CCS were reignited following a review by the Tyndall Centre Manchester)
- The creation of the fund for CCS is a significant step towards fulfilment of this pledge, but the investment target of £800 million is unlikely to be met until 2024-2025, at which point the promised cluster should also be nearing deployment. Until then, this policy remains ‘in progress’.
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