The government has pledged nearly £22bn for projects to capture and store carbon emissions from energy, industry and hydrogen production. It said the funding for two "carbon capture clusters" on Merseyside and Teesside, promised over the next 25 years, would create thousands of jobs, attract private investment and help the UK meet climate goals.

A £22 billion taxpayer-backed carbon capture scheme will be successful despite years of setbacks for the green technology, Sir Keir Starmer has insisted. The Prime Minister announced funding for three projects in northern England that will capture the carbon dioxide emissions from energy production and store them under the sea.

So far this year, startups with business models tied to carbon capture, storage and transformation have closed on nearly $1.2 billion in equity and debt financing, per Crunchbase data. That puts 2024 on track for the second-highest annual tally in five years.

Prime Minister Keir Starmer on Friday said planned government investments of nearly £22 billion ($28.8 billion) in the  capture and storage of carbon emissions marked a "landmark week" for Britain.

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Carbon capture and storage (CCS) is the separation and capture of carbon dioxide (CO2) from the emissions of industrial processes.