Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US-backed Gaza aid group launches bold new system...
Biden doctor pleads the Fifth in speedy House...
Watchdog backs Rubio’s sanctions on UN official over...
Trump taps Sean Duffy to serve as interim...
Trump cautioned Putin he would ‘bomb the s—‘...
I worked for the most successful third party...
‘Gut check time’: Dissent among Senate GOP ranks...
New book reveals what Obama and ‘conqueror’ Trump...
Trump had very unexpected convo with Obama at...
10 reasons the DOJ and FBI face backlash...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

IEF Applauds UK’s £21.7 Billion Carbon Capture Investment

by admin October 8, 2024
October 8, 2024
IEF Applauds UK’s £21.7 Billion Carbon Capture Investment

The International Energy Forum (IEF) has expressed strong support for the UK’s recent £21.7 billion commitment to fund two large-scale carbon capture projects in the country’s industrial heartlands.

The organization hailed the investment as a significant step forward in the global effort to reduce carbon emissions and develop clean energy technologies.

Carbon capture technology involves capturing CO2 emissions from industrial processes before they are released into the atmosphere and storing them securely underground.

The two UK-based projects are expected to capture more than 8.5 million metric tons of carbon dioxide (CO2) annually, which is equivalent to removing approximately four million cars from the road.

By deploying these clean technologies, industries in Northern England — including sectors like cement, steel and chemicals — will be able to significantly reduce their carbon footprints while maintaining their competitive edge.

The funding, which will be directed towards carbon capture and storage (CCS) sites in Merseyside and Teesside — both major hubs for energy-intensive manufacturing.

By investing in CCS, the UK aims to support the retention and creation of jobs in these regions while contributing to the national goal of reducing carbon emissions by 68 percent by 2030 and transitioning to a net-zero economy by 2050.

Joseph McMonigle, Secretary General of the IEF, applauded the UK’s decision as a bold move in the right direction.

“The UK’s commitment to supporting carbon capture and other low-carbon technologies will not only enhance its industrial competitiveness, but also set a global example for accelerating clean energy transitions,’ McMonigle said in an IEF statement on Monday, October 7.

According to McMonigle, scaling up this technology globally is essential to reaching the carbon reduction targets established by international climate agreements, such as the Paris Accord.

In 2021, the IEF released a report calling for the capture of 5.6 gigatons — 5.6 billion metric tons — of CO2 annually by 2050 to meet international climate and sustainable development goals.

In addition, the Carbon Management Challenge, launched last year, seeks to unite 20 countries in scaling up CCS capabilities, with a global storage target of 1 gigaton of CO2 per year by 2030.

Both the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) have identified CCS as a key technology in the fight against climate change.

The UK’s CCS capacity is significant, with enough geological storage to accommodate over 200 years of CO2 emissions.

As part of the funding initiative, the government is also investing in transportation and storage networks that will carry captured carbon to deep geological storage sites in the North Sea and Liverpool Bay.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Craig Hemke: Gold’s Fascinating Run, Silver and Mining Shares Next?
next post
Harris takes slim lead over Trump in new poll as voters view her as candidate of change

You may also like

Triumph Gold Announces the Acquisition of the Coyote...

June 4, 2025

Approval to Mobilise and Commence

October 16, 2024

Positive results from Phase 2 Sleep Signal Analysis...

August 14, 2024

First Helium Reviewing Potential Follow Up Targets to...

November 20, 2024

Electra Secures Federal Support for North America’s Only...

March 26, 2025

LME Week 2024: Copper Highlighted as ‘Top Prospect’

October 15, 2024

JZR Gold Enters into Loan Agreement

February 12, 2025

Spearmint More Than Doubles its Crypto Exposure

January 16, 2025

Top 5 Junior Copper Stocks on the TSXV...

April 17, 2025

Riverside Resources Receives Final Court Approval for Spin-Out...

April 5, 2025

Recent Posts

  • US-backed Gaza aid group launches bold new system to deliver food directly to families
  • Biden doctor pleads the Fifth in speedy House closed-door interview
  • Watchdog backs Rubio’s sanctions on UN official over ‘shameful efforts’ targeting US, Israel
  • Trump taps Sean Duffy to serve as interim NASA chief
  • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (819)
    • Investing (2,497)
    • Politics (3,095)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.