Thousands of jobs could be created in Derbyshire, Staffordshire and the Northwest thanks to a £28.6 million National Asset Fund investment in major carbon capture projects.
This funding for the flagship peak cluster project is the first step towards the development of a major carbon capture pipeline between the Peak District cement and Lime companies that preserve emissions deep in the Irish Sea.
The Peak Cluster Project is the world’s largest cement decarbonization project, offering a safe domestic supply of cement and lime products, which attracts over 3 million tonnes of CO2 each year, and the UK’s construction and manufacturing sector relies on.
We will support £31 million from private partners including Holcim, Tarmac, Breadon, Sigmaroc, and Summit Energy Evolution and Progressive Energy, and together with the Morecambe Net Zero project, we will create and secure 13,000 jobs in the Midlands and the Northwest.
Decarbonization of the cement and lime sectors
This will be the first investment in the National Asset Fund for Carbon acquisition since the Prime Minister highlighted it as a priority in March.
Cement and lime are two of the most difficult industrial sectors to decarbonize, as they cannot move to low-carbon fuels due to the high CO2 emissions produced in the manufacturing process.
By investing alongside the industry, supporting early development risk reduction and providing critical funding to peak clusters throughout the development process, the National Assets Fund will remove some of the barriers to private investment, allowing for further development and construction of the project.
“We’re looking forward to seeing you in the future,” said John Egan, CEO of Peak Cluster Ltd. “Peak Cluster is focused on ensuring a sustainable future for the cement and lime industry. With MNZ, the UK’s largest carbon store, we will acquire, transport and preserve Co. to support industries thriving in a low-carbon future.”
Through support for peak clusters, it is building markets as the project progresses, stimulating large-scale future investments and promoting the development of spirit energy in the UK’s largest CO2 store where carbon capture pipelines are essential.
A major step towards decarbonisation with the National Wealth Fund
By 2030, the National Wealth Fund will commit at least 5.8 billion pounds to hydrogen, carbon capture, ports, supply chains, gigafactories, EV supply chains and steel. This will help industry decarbonize and accelerate the transformation of the UK into a clean energy superpower.
“The National Wealth Fund is a growth force, investing £3 billion in the UK economy and securing 12,500 jobs,” Prime Minister Rachel Reeves said.
“We modernize the cement and lime industry, provide important carbon acquisition infrastructure, create jobs in Derbyshire, Staffordshire and the northwest, and put more money into our workers’ pockets.”
Energy Secretary Edel Miliband added: “This groundbreaking investment catalyzes the carbon capture sector and brings thousands of highly skilled jobs and growth to the industrial centre.”
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