Climate Change Minister Greg Barker announced the allocation of £60m to support the development of Carbon Capture and Storage (CCS) technology in emerging markets as part of a wider $200m (£123m) international fund.
The Carbon Capture, Use and Storage (CCUS) Action Group, a section of the Clean Energy Ministerial which met in London this week, focuses on addressing financial and commercial issues, financing CCS in developing countries and supporting the development of CCS in industrial applications.
Greg Barker said: “We recognise that it is important to ensure CCS is deployed in developing as well as developed countries. The funding that the UK has committed today will support the development of new partnerships and capacity building activities in emerging markets.”
CCS is widely accepted as a serious option in reducing emissions. However, no competitive commercial CCS projects have successfully launched as yet.