The UK’s National Wealth Fund has announced a GBP28.6m (€33m) investment in a CCS project to help decarbonise Britain’s cement and lime industry (United Kingdom). The Peak Cluster project is a major cement decarbonisation venture planned to avoid the emission of over 3 MtCO2/year. The investment represents a first step towards the development of a carbon capture pipeline between cement and lime companies in the Peak District, which will store emissions deep below the Irish Sea.
The investment is aligned with the Government’s Plan for Change in action, which seeks to boost economic growth while creating new jobs and supporting the British industry to decarbonise and expand to become a clean energy superpower.
The National Wealth Fund has committed to invest at least GBP5.8bn (€6.7bn) by 2030 in hydrogen, carbon capture, ports and supply chains, gigafactories and EV supply chains, and steel.