Carbon Capture and Storage Infrastructure Fund - Question

Part of the debate – in the House of Lords at 2:50 pm on 16 October 2023.

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Photo of Lord Callanan Lord Callanan Parliamentary Under Secretary of State (Department for Energy Security and Net Zero) 2:50, 16 October 2023

It is not one or the other; we need to do both. Of course we need to push ahead with renewables, and I have set out many times in this House how well we are doing. Almost 60% of electricity in the last quarter was delivered by renewables, but CCUS is also essential. We have committed £20 billion-worth of funding to CCUS over the next few years because everybody thinks it essential to meeting our goals. It also offers a massive export opportunity for this country, as we have expertise in many of these technologies. The estimate is that capturing 20 million to 30 million tonnes of CO2 by 2030 could deliver up to 50,000 jobs, many of them in our industrial heartlands.