Today, Chancellor of the Exchequer, Rachel Reeves MP, delivered the UK Government’s Spring Statement, against the backdrop of slow economic growth, reduced fiscal headroom and challenging geopolitical developments on trade.
In response to the Spring Statement our UK Director, Mark Sommerfield, said:
“The Chancellor’s focus in the Spring Statement on delivering economic growth – through planning reform and delivery of skills in the construction sector – will be important for advancing the CCUS industry.”
“We need a planning system that doesn’t unduly hinder the rollout of the CCUS projects. While additional capacity and skills in the construction sector will be vital for energy infrastructure projects, ensuring that CCUS clusters are delivered on schedule to meet our climate targets.”
“However, for the UK to maintain a competitive edge in CCUS deployment, the Government must urgently provide long-awaited updates on project selection for Track-2, Track-1 expansion, and other CCUS projects capable of deploying on similar timelines.”
“Decisive action now will enable the UK to achieve clean power by 2030, reduce emissions by 81% by 2035, and, crucially, reach net zero by 2050.”