The UK has unveiled an ambitious plan to become a major player in the carbon capture, usage and storage (CCUS) market by 2035, known as the CCUS Vision.
The goal is to inject £5 billion annually into the economy by 2050. This initiative signals a shift from government-backed projects to a competitive market.
UK companies will now compete to build carbon capture facilities.
To accelerate CCUS development, a competitive allocation process for projects is set to begin in 2027.
Additionally, from 2025, projects that can’t transport carbon by pipeline will be allowed to use alternative methods like ships, roads and rails.
Energy Security Secretary Claire Coutinho said: “Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies.
“That is why we’re making one of the biggest funding commitments in Europe on carbon capture that will cut emissions from our atmosphere while unlocking investment, creating tens of thousands of jobs and growing the UK economy.”
