Rachel Reeves' £22bn carbon capture spend highlights investment focus

Published On Oct 3, 2024, 7:07 PM

Chancellor Rachel Reeves announced significant increases in government investment, particularly in major projects, during this month's Budget. A key aspect of the announcement includes nearly £22 billion allocated for carbon capture schemes in Merseyside and Teesside over the next 25 years. This initiative aims to create jobs, attract private investment from firms like BP and Equinor, and assist the UK in achieving its climate goals. Critics, however, argue that this funding could extend reliance on fossil fuels. Recent government strategies focus on shifting away from previous administrations' cuts to capital investment, as they prepare for an upcoming International Investment Summit to attract further private investment.