£22bn investment needs to kickstart CCS industry in UK

As the Government confirms £22 billion in funding to launch the UK's first carbon capture sites, Simon Virley CB, Vice Chair and Head of Energy and Natural Resources at KPMG UK, said:

“Carbon capture and storage (CCS) is essential if we are to reach Net Zero. So, today’s confirmation of £22 billion of government support over 25 years for projects in the Track 1 clusters of Teesside and Merseyside is very welcome news.

“The UK has had two failed attempts at getting CCS off the ground over the past 15 years. We have to make it work this time and provide the clarity and support needed to help industry and power generators capture CO² emissions.

“With more clusters and projects in the pipeline, this needs to be the start of developing a CCS industry in the UK.”

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KPMG Media Relations

Claire Barratt

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About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023. 

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.