UK allocates $97 million carbon capture in emerging markets

UK allocates $97 million for carbon capture in emerging markets

12:24 PM, 8th May 2012
UK allocates $97 million for carbon capture in emerging markets
Greg Barker, Energy Minister, UK.

LONDON, UK: The United Kingdom allocated 60 million pounds ($97 million) to encourage the development of carbon capture and storage (CCS) technology in emerging markets. The funds will boost projects and develop new partnerships, the money was drawn from International Climate Finance funding that’s already been announced, Greg Barker, Energy Minister, UK said in a statement.

The International Energy Agency estimates that 3,400 plants using CCS technology are needed by 2050 to meet a goal of cutting carbon emissions in half. Efforts to introduce CCS are falling behind, along with nuclear power and biofuels. The UK funds contribute to the $200 million that should be allocated globally to speed up deployment of the technology, according to the Carbon Capture, Use and Storage Action Group. “We recognize that it is important to ensure CCS is deployed in developing as well as developed countries. The UK is promoting the technology itself with a 1 billion-pound funding contest begun in April,” said Barker.

© Bloomberg News

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