UK's Carbon Capture and Hydrogen Development Supported by State Funding
Key Ideas
  • European oil majors like BP, Eni, Equinor, and TotalEnergies are involved in the UK's carbon capture and blue hydrogen projects.
  • There have been no Final Investment Decisions (FIDs) made yet, but a new government funding package of £21.7 billion aims to push projects closer to FID.
  • The funding package is spread over 25 years and will support two coastal clusters in the UK, focusing on carbon capture, transportation, storage, and hydrogen production.
  • This state funding signals a positive trend towards sustainable energy development in the UK, with a focus on reducing carbon emissions and promoting hydrogen as an alternative energy source.
The article discusses the involvement of European oil majors such as BP, Eni, Equinor, and TotalEnergies in the UK's carbon capture and blue hydrogen projects. Despite the absence of any Final Investment Decisions (FIDs) so far, these companies have stakes in advanced projects for CO2 transportation and storage, as well as blue hydrogen production. The UK government recently announced a new state funding package of £21.7 billion ($28.5 billion) over 25 years to support two coastal clusters in the country. This funding is expected to bring projects closer to FID and accelerate the development of carbon capture, transportation, storage, and hydrogen production initiatives in the UK. Overall, the article highlights a positive industry trend towards sustainable energy practices and the promotion of hydrogen as a key element of the energy transition.
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