Climate change minister Greg Barker today announced the allocation of up to £60m ($96m) to support the development of carbon capture and storage (CCS) technology in emerging markets.
The Carbon Capture, Use and Storage (CCUS) Action Group recommended that $200m is allocated internationally to accelerate the deployment of CCS in the near term – £60m is the UK’s contribution towards this.
Greg Barker said: “We recognise that it is important to ensure CCS is deployed in developing as well as developed countries. The funding that the UK has committed today will support the development of new partnerships and capacity building activities in emerging markets.”
Jeff Chapman, ceo of the Carbon Capture and Storage Association, added: “I am very pleased to see the UK is joining other developed nations in making a significant contribution to support the deployment of CCS in the developing world. To tackle climate change, it is essential that CCS is deployed on a global scale both in power and industrial sectors. This funding, together with the CCS commercialisation programme will enable us to share investment experience, thereby placing the UK in a leading position in the development of this vital technology.”