Carbon Capture and Storage: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, when his Department plans to (a) publish a revised timeline for the track-2 cluster sequencing process and (b) provide funding for non-pipeline carbon capture projects.
Answered by Michael Shanks
The Government announced its support for the Acorn and Viking clusters in the Spending Review and is providing the development funding to advance their delivery. We've been working with clusters to understand what they need to keep them progressing to a final investment decision (FID) this Parliament, subject to project readiness and affordability.
Non-pipeline methods of CO2 transportation (for example, road, rail and ship) will play an integral role in achieving decarbonisation across multiple regions and sectors of the economy, to meet our carbon budget targets and net zero carbon emissions by 2050.
Funding for NPT projects will be subject to future project selection processes and associated deliverability and value for money considerations.
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