Eni has reached financial close with the UK government’s Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS project, where Eni is the operator of the CO2 transport and storage system of the HyNet industrial Cluster.
The financial close allows the Liverpool Bay CCS project to move into the construction phase, unlocking key investments in supply chain contracts, the majority of which will be spent locally. The project can support the UK’s industrial competitiveness for the long term, by safeguarding existing industrial employment and creating new production chains and jobs.
This milestone follows the UK government’s funding allocation of £21.7 billion to be invested over a 25-year period across the first two CCS Clusters in the country, decision that demonstrates the UK’s commitment to prioritising the development of the CCS sector as a key lever in its decarbonisation and industrial strategy.
UK Secretary of State for Energy Security and Net Zero, Ed Miliband, said: “Today we keep our promise to launch a whole new clean energy industry for our country – carbon capture and storage – to deliver thousands of highly skilled jobs and revitalise our industrial communities. This investment from our partnership with Eni is government working together with industry to kickstart growth … and [make] the UK energy secure.”
