Eni Secures Government Backing for Liverpool Bay CCS Project, Paving the Way for a Low-Carbon Future in the UK
(IN BRIEF) Eni has secured UK Government funding for its Liverpool Bay CO₂ transport and storage project, marking a significant advancement in the HyNet carbon capture and storage (CCS) initiative. The funding will support the establishment of the UK’s CCS industry, allowing Eni to operate the project, which aims to reduce emissions from hard-to-abate industries in North West England and North Wales. With an initial capacity to store 4.5 million tonnes of CO2 annually, increasing to 10 million tonnes after 2030, HyNet will help the UK achieve its goal of storing 20-30 million tonnes of CO2 per year. The project is expected to create jobs, enhance local employment, and maintain the UK’s industrial competitiveness. Eni’s CEO, Claudio Descalzi, highlighted the project as a crucial step towards building a low-carbon industrial cluster and emphasized the importance of collaboration between government and industry in advancing decarbonization efforts.
(PRESS RELEASE) LONDON, 4-Oct-2024 — /EuropaWire/ — In a significant development for the UK’s carbon capture and storage (CCS) industry, Eni has successfully obtained funding and commitment from the UK Government for the Liverpool Bay CO2 transport and storage (T&S) project. This funding, which supports Track 1 industrial emitters, marks a pivotal step in the launch of the CCS industry within the country and is a crucial milestone in advancing the execution phase of the HyNet project, poised to attract substantial investments to the region.
As one of the UK’s leading CCS initiatives, HyNet aims to reduce emissions from hard-to-abate industries in North West England and North Wales. Eni, as the operator of the CO2 transport and storage system, plans to achieve an initial storage capacity of 4.5 million tonnes of CO2 annually, with the potential to increase this to 10 million tonnes after 2030. The project is set to play a vital role in meeting the UK’s goal of storing 20-30 million tonnes of CO2 per year.
By transforming one of the country’s most energy-intensive industrial regions into a pioneering low-carbon industrial cluster, the project will not only support local employment but also help maintain the UK’s industrial competitiveness through the creation of new production chains and jobs.
The Secretary of State for Energy Security and Net Zero, Ed Miliband, expressed enthusiasm for the project, stating, “Today marks the beginning of a new era as we secure funding for the clean energy revolution that will revitalize Britain’s industrial heartlands. This initiative highlights the effectiveness of collaboration between government and businesses to create quality jobs for our communities.”
Eni CEO Claudio Descalzi emphasized the significance of this development, stating, “This milestone is a crucial step towards establishing a new business chain linked to the energy transition. HyNet will serve as a model for low-carbon clusters globally, decarbonizing key industrial districts while unlocking economic growth. This collaboration exemplifies how governments and industries can work together to accelerate decarbonization efforts.”
Eni’s leadership in the UK includes its role as the operator of the HyNet CO2 transport and storage project, as well as its involvement in the Bacton Thames Net Zero initiative, aimed at decarbonizing the South East of England. Eni’s total gross storage capacity in the UK amounts to approximately 1 billion tonnes.
The company believes that CCS is integral to achieving energy transition goals and represents a valuable opportunity for reducing emissions while fostering new business prospects. By leveraging its extensive portfolio of depleted gas fields and repurposing existing infrastructure, Eni has developed a unique model that enhances the cost-effectiveness and speed of CCS project implementation.
As a key player in the UK’s energy transition, Eni is actively engaged across the entire energy value chain, which includes not only CCS but also offshore wind and potential magnetic fusion projects. The company is committed to enhancing the UK’s energy security through its strategic collaboration with Ithaca Energy for upstream activities, with a strong focus on decarbonized initiatives.
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First published in this link of EuropaWIRE.
