London invests £20bn in carbon capture
The British authorities announced on Friday an investment of 20 billion pounds over 20 years in carbon capture.
London announced on Friday a 20 billion pound investment over 20 years in carbon capture and detailed its plans to accelerate nuclear development, as part of its goal of carbon neutrality by 2050.
Chancellor of the Exchequer Jeremy Hunt, who is due to present his budget to parliament on Wednesday, will announce “unprecedented investment in carbon capture and low-emission energy,” the finance ministry said in a statement. The government hopes to advance plans to store 20-30 million tonnes of CO2 per year by 2030, equivalent to the emissions of 10-15 million cars, and help create “up to 50,000 highly skilled jobs.
The commitment of the engine manufacturer Rolls-Royce
Jeremy Hunt will also announce plans on Wednesday to boost nuclear power generation, including “launching a competition for the first small modular nuclear reactors” to be built in the country. The British engine manufacturer Rolls-Royce had notably announced from 2021 that it would build small, cheaper nuclear reactors, but these will still require years of development. The government is investing 210 million pounds (237 million euros) in this project.
Jeremy Hunt also wants to classify nuclear electricity production as “green” and will open a consultation on the issue, hoping to encourage significant private investment for the sector. Nuclear energy does not release CO2 into the atmosphere but is nevertheless considered bad for the environment by many environmental activists. The government of former Prime Minister Boris Johnson had given the green light in August to the financing of the Sizewell C power plant project, in which the French EDF is the main contractor, before confirming an investment of 700 million pounds ( €791 million).
In the United Kingdom, which is particularly dependent on gas in its energy mix, households have been particularly hit by the surge in energy prices in the wake of the war in Ukraine, boosting inflation that has exceeded 10% for months. and causes a severe crisis in the cost of living.
“We don’t want to see such high bills anymore,” Hunt argued, quoted in the statement. “That’s why we are fully committed to nuclear power in the UK (…) and we are investing tens of billions in clean energy through carbon capture”. But these announcements relate to long-term projects, and with the approach of the presentation of the budget, pressure is strong on Jeremy Hunt not to reduce the assistance with electricity bills for households from April 1, as currently planned.
AFP
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