We have committed £20 billion to the early deployment of carbon, capture, utilisation and storage, which will deliver economic growth and decarbonisation of our industrial heartlands. Our analysis has shown that it could support up to 50,000 jobs in 2030 and add up to £5 billion to the economy by 2050.
I thank my right hon. Friend for her reply. Following the commitment in “Powering Up Britain” to provide up to £20 billion of funding for early deployment of CCUS, how does she intend to finance that support? Does she recognise that CCUS funding needs to be matched by creating a competitive environment for private sector investment, including a carbon border adjustment mechanism to smooth the path to deployment, as recommended by the Commission for Carbon Competitiveness, of which I am a member?
I welcome my hon. Friend’s work as a member of the Commission for Carbon Competitiveness, and she makes an excellent point. The £20 billion will be funded through a variety of sources and will be allocated in due course, and early this year the Government consulted on a range on measures to support decarbonisation, including a carbon border adjustment mechanism. The Government will provide a response to that consultation in due course.
If the Secretary of State is looking for innovation that will make a real difference to economic growth, will she look at not only carbon capture and storage, but hydrogen? Many of the same universities and research establishments are looking at hydrogen as the new energiser for transport and so much else in our lives. Will she put some serious money into both hydrogen and CCS?
I am interested in innovation in all of those areas, because that is what will get us to the ambitious targets we have set out. I will be looking at hydrogen, carbon capture, and every single other area to see what more we can do.