• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Cleantech Market
    Cleantech News
    Cleantech Stocks
    • Cleantech Market
    • Cleantech News
    • Cleantech Stocks
    1. Home>
    2. Technology Investing NewsCleantech Investing>
    Loading...
    0

    IEF Applauds UK’s £21.7 Billion Carbon Capture Investment

    Giann Liguid
    Oct. 07, 2024 09:20AM PST

    The projects could capture 8.5 million metric tons of CO2 annually in a major contribution to global decarbonization efforts.

    Bird's eye view of forest with illustrations of clouds reading CO2 above it.
    Fahroni / Shutterstock

    The International Energy Forum (IEF) has expressed strong support for the UK’s recent £21.7 billion commitment to fund two large-scale carbon capture projects in the country’s industrial heartlands.

    The organization hailed the investment as a significant step forward in the global effort to reduce carbon emissions and develop clean energy technologies.

    Carbon capture technology involves capturing CO2 emissions from industrial processes before they are released into the atmosphere and storing them securely underground.

    The two UK-based projects are expected to capture more than 8.5 million metric tons of carbon dioxide (CO2) annually, which is equivalent to removing approximately four million cars from the road.


    By deploying these clean technologies, industries in Northern England — including sectors like cement, steel and chemicals — will be able to significantly reduce their carbon footprints while maintaining their competitive edge.

    The funding, which will be directed towards carbon capture and storage (CCS) sites in Merseyside and Teesside — both major hubs for energy-intensive manufacturing.

    By investing in CCS, the UK aims to support the retention and creation of jobs in these regions while contributing to the national goal of reducing carbon emissions by 68 percent by 2030 and transitioning to a net-zero economy by 2050.

    Joseph McMonigle, Secretary General of the IEF, applauded the UK’s decision as a bold move in the right direction.

    “The UK's commitment to supporting carbon capture and other low-carbon technologies will not only enhance its industrial competitiveness, but also set a global example for accelerating clean energy transitions," McMonigle said in an IEF statement on Monday, October 7.

    According to McMonigle, scaling up this technology globally is essential to reaching the carbon reduction targets established by international climate agreements, such as the Paris Accord.

    In 2021, the IEF released a report calling for the capture of 5.6 gigatons — 5.6 billion metric tons — of CO2 annually by 2050 to meet international climate and sustainable development goals.

    In addition, the Carbon Management Challenge, launched last year, seeks to unite 20 countries in scaling up CCS capabilities, with a global storage target of 1 gigaton of CO2 per year by 2030.

    Both the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) have identified CCS as a key technology in the fight against climate change.

    The UK’s CCS capacity is significant, with enough geological storage to accommodate over 200 years of CO2 emissions.

    As part of the funding initiative, the government is also investing in transportation and storage networks that will carry captured carbon to deep geological storage sites in the North Sea and Liverpool Bay.

    Don't forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • Is Now a Good Time to Invest in Hydrogen? (Updated 2024) ›
    • 5 Biggest Clean Energy ETFs in 2024 ›
    • 2024 Cleantech Outlook Report ›
    • 5 Best-performing Canadian Cleantech Stocks of 2024 ›
    • Cleantech Market Update: Q2 2024 in Review ›
    Related Articles Around the Web
    • New vision to create competitive carbon capture market follows ... ›
    • UK's £22bn carbon capture pledge follows surge in lobbying by ... ›
    https://x.com/giannliguid
    https://www.linkedin.com/in/giannliguid/
    The Conversation (0)

    Go Deeper

    AI Powered
    Biofuel pump in front of a sunflower field at sunset.

    6 US Biofuel Stocks

    Wind turbines on a hill during sunset, with a winding path leading through the landscape.

    Report: US$800 Billion in Mining Finance Could Derail Clean Energy Transition

    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Latest News

    Homerun Resources Inc. Signs Binding LOI for the Acquisition of Additional Mineral Rights in the Santa Maria Eterna Silica Sand District

    CG1O: Security Class Suspension from Quotation

    Homerun Resources Inc. Provides Marketing Update Extends Closing of $3M Financing

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Cleantech Investing Stocks

    Westport

    WPRT

    Innovation Mining

    Homerun Resources

    HMR:CC

    Carbonxt Group

    CG1:AU

    Provaris Energy

    PV1:AU

    Troy Minerals

    TROY:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×
    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Full Bio

    Follow

    Learn about our editorial policies.