Rachel Reeves Unveils £28.6 Million Investment in Carbon Capture

British finance minister Rachel Reeves will announce a significant £28.6 million investment by the National Wealth Fund in a carbon capture project. This initiative could generate jobs in central and northern England, playing a crucial role in the country's effort to reduce emissions.

Last year, the UK government committed up to £21.7 billion over 25 years to develop carbon capture and storage (CCS) projects. The goal is to mitigate emissions from energy-intensive industries, aligning with the nation's target of achieving net-zero emissions by 2050.

Reeves will highlight this funding as a vital step towards creating a carbon capture pipeline in Britain's Peak District. This pipeline aims to link cement and lime companies, storing emissions beneath the Irish Sea. The investment forms part of a broader economic growth plan, focusing on modernising industries and creating jobs.

(With inputs from agencies.)