Spirit Energy, in collaboration with majority shareholders Centrica and Stadtwerke München GmbH, has been granted a carbon storage licence by the North Sea Transition Authority.

The Morecambe Net Zero (MNZ) Cluster, led by Spirit Energy, has the potential to become one of the UK’s largest carbon storage hubs, playing a vital role in decarbonisation efforts.

It has the capacity to store up to a gigatonne of carbon dioxide, equivalent to three years’ worth of current UK carbon dioxide emissions.

Initially, the cluster can accommodate over five million tonnes per annum of carbon dioxide.

Furthermore, the MNZ Cluster is designed to accept carbon transportation through pipeline, ship, and rail, Centrica said.

Neil McCulloch, Chief Executive Officer of Spirit Energy has emphasised the project’s significance in providing an effective pathway for emitters to mitigate their carbon emissions and achieve net zero targets.

Chris O’Shea, Chairman of Spirit Energy and Chief Executive Officer of Centrica, has highlighted their commitment to a decarbonised energy system, stating that Morecambe Bay has the potential to become a global leader in carbon storage.