Carbon Capture and Storage: North East
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the new carbon capture clusters on the economy in (a) Teesside and (b) Merseyside.
Answered by James Murray
The first clusters were selected after an assessment of five criteria, including economic benefits. We expect these two clusters to support 4,000 jobs in the short term and 50,000 jobs across the supply chain as the sector matures in the 2030s, Carbon Capture Usage and Storage (CCUS) could add up to £5 billion in Gross Value Added (GVA) to the economy by 2050. The £21.7 billion in funding announced in October 2024 will crowd in private sector investment and unlock a further pipeline of billions of pounds. Industry partners are estimated to have invested £1 billion in already.
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