Eni announced that it has secured a commitment from the UK Government to provide funding and grant an Economic License for its Liverpool Bay CO2 transport and storage (T&S) project.
This allocation marks the launch of the UK’s carbon capture and storage (CCS) industry, with investment directed toward Track 1 industrial emitters.
The project is an important step in developing the HyNet initiative, which seeks to lower emissions from North Wales and the Northwest region of England.
By 2030, Eni hopes to have the capacity to store up to 10 million tons of CO2 annually, having already planned to store up to 4.5 million tons annually.
This initiative is essential for the UK’s goal of storing 20-30 million tons of CO2 annually as part of its decarbonisation goals.
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The initiative will transform Liverpool Bay into one of the first low-carbon industrial clusters in the world by repurposing Eni’s exhausted reservoirs.
The project is anticipated to lower emissions while sustaining the UK’s industrial competitiveness, fostering economic growth, and creating new jobs.
Ed Miliband, The Secretary of State for Energy Security and Net Zero of the United Kingdom, said, “On Monday, 150 years of coal in this country came to an end. Today, a new era begins. By securing this funding, we pave the way for securing the clean energy revolution that will rebuild Britain’s industrial heartlands.
He added, “I was proud to kickstart the industry in 2009, and I am even prouder today to turn it into reality. This funding is a testament to the power of an active Government working in partnership with businesses to deliver good jobs for our communities.”
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Eni is actively involved in the HyNet project and is also a key player in the Bacton Thames Net Zero initiative, which aims to reduce carbon emissions in the Southeast of England and the Thames region.
CCS is crucial for Eni’s decarbonisation strategy, enabling emission reduction and creating new commercial opportunities related to the energy transition.
Eni’s CCS strategy uses its depleted gas reserves, repurposed infrastructure, and proximity to industrial clusters to expedite project implementation and reduce costs.