Carbon Capture and Storage: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, what proportion of funding for the carbon capture, utilisation and storage scheme will be raised by a levy on energy bills from 2029 onwards.
Answered by Sarah Jones
Track 1 projects are expected to be funded through a mixture of levy and exchequer funding. We expect levy funded projects to become operational from late 2028. The exact split of levy and exchequer funding across Track 1 will be determined in due course and is subject to further negotiation, consultation, and statutory processes. DESNZ will consider potential impacts on energy bills as part of the statutory processes for drawing down on any other new or existing levies that may further support CCUS Track-1.
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