Carbon Capture and Storage: Finance

(asked on 29th January 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the £20 billion of funding announced in the Spring Budget 2023 for early deployment of carbon capture, usage and storage was in addition to previous announcements of funding for (a) carbon capture, usage and storage, (b) hydrogen power and (c) direct air capture made since January 2020.


Answered by
Gareth Davies Portrait
Gareth Davies
Exchequer Secretary (HM Treasury)
This question was answered on 6th February 2024

In March 2023 Government announced up to £20 billion funding for early deployment of CCUS across all sectors. This includes the £1 billion Carbon Capture Usage and Storage (CCUS) Infrastructure Fund (CIF), supporting the ambition for CCUS in four industrial clusters by 2030 at the latest.

The Government has also made wider announcements on funding for green technologies since 2020. For example, in May 2021, the Government announced £166m cash injection for green technology, this included £6m for the Direct Air Capture and Greenhouse Gas Removals Innovation Programme, Phase 1. In July 2022, the Government announced that carbon removal technology would benefit from over £54m of Government Funding. This was for the Direct air Capture and Greenhouse Gas Removals Programme Phase 2.

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