Acorn carbon capture project to get £200m, Miliband confirms
Miliband - who has been visiting the St Fergus gas terminal where the project will be based - said he had told the company behind the project that he expected it to make a final investment decision by the end of the parliament.
He said he wanted to see significant progress "by the turn of the decade" but would not commit to a firm timetable.
Environmental group Friends of the Earth, which is sceptical about carbon capture, said the "scarce public money" would only directly benefit "greedy oil and gas companies".
The investment in the Acorn Project comes as part of the UK government's spending review which will increase Holyrood's budget by £2.9bn a year on average.
As part of his announcement, Miliband added that a Scottish Labour government would deliver new nuclear power in Scotland.
Acorn has said its project will safeguard about 18,000 jobs that would otherwise have been lost, including jobs at Grangemouth.
CO2 captured at Grangemouth will be transported to storage facilities under the North Sea, avoiding its release into the atmosphere.
The jobs will be needed to build pipelines to transport the CO2 safely and generate low-carbon power to homes and businesses.
The UK government is providing similar funding for the Viking carbon capture project in the Humber.
Miliband said: "This government is putting its money where its mouth is and backing the trailblazing Acorn and Viking CCS projects.
"This will support industrial renewal in Scotland and the Humber with thousands of highly-skilled jobs at good wages to build Britain's clean energy future.
"Carbon capture will make working people in Britain's hard-working communities better off, breathing new life into their towns and cities and reindustrialising the country through our Plan for Change."
Scotland to get extra £2.9bn from spending review, says Treasury
Acorn Project funding to be announced in spending review
Tim Stedman, chief executive of Storegga, lead developer of Acorn, said: "We warmly welcome the UK government's support for the Acorn project and the commitment to development funding that will enable the critical work needed to reach Final Investment Decision (FID)."
He said the funding announcement was a "milestone" and was on top of significant private sector investment.
"We look forward to working with government in the months ahead to understand the details of today's commitment, and to ensure the policy, regulatory and funding frameworks are in place to build and grow a world-leading UK CCS sector," he added.
Once Acorn and Viking are operational, combined, it has been claimed they could prevent up to 18 million tonnes of CO2 being released into the atmosphere each year.
Those involved in the CCS schemes say they can also play a role in low-carbon power and hydrogen production, supporting thousands of jobs.
Dr Liz Cameron, chief executive of Scottish Chambers of Commerce, said: "The government's backing for the Acorn Project is a significant endorsement which will help to make the north east a world leader in the low-carbon industry.
"This major carbon capture and storage facility puts us on an ecologically more sustainable trajectory and will bolster the region's economy by creating up to 15,000 jobs in construction and attracting billions in private investment.
"Whilst this intervention is undoubtedly welcome, we urge both the UK and Scottish governments to work in collaboration to realise Acorn's potential in full."
Caroline Rance, head of campaigns at Friends of the Earth Scotland, said: "This is an enormous handout of supposedly scarce public money that will only directly benefit greedy oil and gas companies.
"Politicians are paying hundreds of millions to keep us locked into an unaffordable energy system which is reliant on fossil fuels and is destroying the climate.
"Carbon capture technology has 50 years of failure behind it, so businesses, workers and the public are being sold a lie about its role in their future."
She said building new fossil fuel infrastructure would undermine the energy transition and embolden oil firms to continue drilling in the North Sea.
"Both the UK and Scottish governments should instead be backing climate solutions that can improve people's lives such as upgrading public transport, ensuring people live in warm homes and creating green jobs for the long-term," she added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 hours ago
- Yahoo
Labour delivers mixed picture on environment after one year, campaigners say
Labour's environmental record after one year in office shows 'glimmers of hope', but concerns remain over nature and anti-protest policies, green groups said. Greenpeace UK and Friends of the Earth together assessed the party's progress on tackling the climate and nature crises ahead of Thursday, which marks one year since the general election. The two groups said the Government's overall environmental record is a 'mixed picture'. Assessing key policy areas, they rated the Government highest for its progress on climate and energy because of Energy Secretary Ed Miliband's efforts to reposition the UK as a global climate leader and oversee the UK's transition towards clean energy. But the campaigners also criticised decisions to invest billions into nuclear power, carbon capture and storage (CCS) and roads, instead of funnelling more money towards carbon-cutting measures. In terms of homes and transport, the groups welcomed investment in buses and railways, promotion of cleaner modes of transport and the requirement for landlords to raise energy efficiency standards. However, they criticised Labour's support for airport expansion and said more money is needed to decarbonise these sectors if the UK is to meet its climate targets. The Government fared worse on nature and the environment in the organisations' assessment. While moving to ban bee-harming pesticides, launching reforms of the polluting water sector and banning bottom-trawling in some protected areas, the campaigners said planning reforms that sideline nature in pursuit of growth have been particularly alarming. There has also been little progress on adopting laws to ensure UK companies do not contribute to illegal deforestation globally, nor the ratification of a UN treaty to protect 30% of the world's oceans by 2030, they added. The Government saw the worst rating, however, in the policy areas of justice and democracy, with the groups claiming there has been an increase in arrests and imprisonment of non-violent protesters. The campaigners also called for the introduction of taxes on the largest polluters through measures such as a stronger windfall tax on oil and gas profits, a frequent flyer levy and wealth taxes. Mike Childs, head of science, policy and research at Friends of the Earth, said: 'There's no denying Labour has made some good progress on its clean energy mission, and it's extremely encouraging the Government remains committed to delivering on climate targets despite the breakdown in the political consensus. 'But where there have been some positive wins for nature, they've been overshadowed by false claims that protecting wildlife and vital habitats is hindering development. 'What has been most worrying is this Government's attitude to protest, which has seen it continue the last government's legacy of cracking down on dissent and encroaching on the right of us all to stand up for what we believe.' Reshima Sharma, deputy head of politics at Greenpeace UK, said: 'This Government's record is like a dance pattern with impressive forward strides and sudden backwards steps. 'A year in, this administration certainly deserves much credit for holding the course on climate action and fully backing renewables, as well as investing in public transport, but championing a third runway at Heathrow is a blot on their climate record. 'Tough action on polluting water companies, bee-harming pesticides and destructive fishing are all welcome moves, but the obsession with putting growth above everything else risks undoing some of the good work on nature protection.' The groups said improvement is needed across all four policy areas, arguing that action to protect the environment will actively benefit people's lives through cheaper energy bills, cleaner air, thousands of new jobs and a stronger economy. PA has contacted the Government for comment.
Yahoo
15 hours ago
- Yahoo
Got $200? 2 Biotech Stocks to Buy and Hold Forever
Good news for investors: You don't have to start out with tons of cash to grow wealth. Biotech stocks offer you a great opportunity to get in on innovators that may produce major growth down the road. 10 stocks we like better than Viking Therapeutics › Some potential investors hesitate to get started on building an investment portfolio because they think they need thousands of dollars to grow wealth. But I've got good news for them and for you: You don't have to start out with a huge pile of cash to invest in stocks that may significantly add value to your portfolio over time. In fact, with just $200, you can get in on players that could help you along the path to wealth. The industry of biotech is a great place to look for such stocks since so many of these companies are developing cutting-edge technologies that may lead to high-growth products, and revenue, down the road. Let's consider two that you might buy today -- a few shares of each for a total of $200 -- and hold forever to benefit from lasting growth stories. Viking Therapeutics (NASDAQ: VKTX) aims to make its mark in one of today's (and tomorrow's) biggest healthcare growth areas: weight loss drugs. The biotech company is developing a dual GIP/GLP-1 receptor agonist, known as VK2735, and has progressed into late-stage clinical trials. The candidate, in injectable form, just launched its phase 3 program and aims to enroll more than 4,000 participants with obesity and more than 1,000 volunteers with obesity and type 2 diabetes. VK2735 works by interacting with hormonal pathways involved in the control of appetite and blood sugar levels, much like the already commercialized Mounjaro and Zepbound, sold by Eli Lilly, and Ozempic and Wegovy, sold by Novo Nordisk. But the fact that similar drugs have reached the market first doesn't mean Viking can't succeed here. Demand for these sorts of products has been so high that it exceeded supply, until Lilly and Novo Nordisk increased manufacturing capacity. So there's plenty of room for a young company like Viking to succeed here too if all continues to go well in clinical trials. Viking also is testing VK2735 in oral form in a phase 2 trial, an important point since oral formulation could make these drugs easier to take, and it involves faster and cheaper manufacturing processes for the company. Data from that trial is expected later this year. Viking stock is known to soar on positive results. It surged more than 120% last year in just one trading session after reporting positive phase 2 data for VK2735. It's since given up the gains, offering investors a solid entry point, but any good news and a possible regulatory nod could prompt the stock to skyrocket. Moderna (NASDAQ: MRNA) used to be a favorite of investors during the early days of the coronavirus pandemic -- but since, it's had trouble bringing investors back into its potential growth story. The stock has lost more than 90% since its peak back in 2021, and the company has reported decreasing sales because of the drop in demand for its coronavirus vaccine and lower-than-expected sales of its more recently launched respiratory syncytial virus (RSV) vaccine. After Moderna's billions of dollars in revenue and profit just a couple of years ago and recent earnings declines, investors may find it difficult to get excited about Moderna again. But it's important to remember two things: First, it's unfair to compare revenue potential during ordinary times to revenue linked to a pandemic-related product. Those were exceptional times that don't occur often. Second, the approval of Moderna's coronavirus and RSV vaccines show that its technology -- the technology driving the rest of its pipeline -- works. The company now has many late-stage products in the works and aims to launch as many as 10 over the next few years. If Moderna even makes it partially to that goal, its revenue picture a few years from now may look very different from the picture today -- and set the company up for long-term growth. It's too early to predict when the market will recognize this and flock to Moderna shares. But at today's level, the stock offers investors a buying opportunity, making it a great place to park part of your $200 and hold on for the long-term as this growth story develops. Before you buy stock in Viking Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Viking Therapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $713,547!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $966,931!* Now, it's worth noting Stock Advisor's total average return is 1,062% — a market-crushing outperformance compared to 177% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 Adria Cimino has no position in any of the stocks mentioned. The Motley Fool recommends Moderna, Novo Nordisk, and Viking Therapeutics. The Motley Fool has a disclosure policy. Got $200? 2 Biotech Stocks to Buy and Hold Forever was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
King and Queen begin Holyrood Week under guard of ceremonial female bodyguards
The King and Queen were protected by ceremonial female bodyguards for first time in an overcast Scotland as the south sweltered. Charles and Camilla began their official stay in Scotland – known as Holyrood Week – by carrying out solo engagements in Edinburgh and later hosted a garden party together. Earlier when the Queen opened Ratho library, she told her hosts the weather was 'cooler' than conditions in England and described the weather in Scotland as a 'drop in temperature'. Scots from a range of backgrounds from NHS workers to the military and charity volunteers were invited to the Palace of Holyroodhouse, the King and Queen's official residence in the Scottish capital, for the garden party. Annabel Biddulp was one of four female members of the Royal Company of Archers, the Sovereign's Body Guard in Scotland, on duty at the social event with their bows. She described herself as the sixth generation of her family to be an Archer, with her father and uncle also on duty, and said the historic moment was 'absolutely wonderful, so many of my family have been part of the Archers for generations'. Ms Biddulph was going to celebrate with a 'jolly good party tonight' and said the King mentioned the trusty bow she was holding. 'He asked 'are you a dab hand at that' to which the answer was yes'. The garden party was staged in Holyroodhouse gardens, overlooked by Holyrood Park where Republic had staged a protest spelling out the words 'Not My King' with what appeared to be large pieces of white card that was visible by guests. Charles also chatted to Second World War veteran George McLeod, aged 99, who served as a private with the 4th Battalion, King's Own Scottish Borderers. Mr McLeod was joined by his daughter Jan McLeod who said: 'The King spoke about the VE Day events in London and said it was very important to keep the memories alive and how sad it was we were losing veterans.' She added her father was in the German city of Bremen when the war ended in 1945: 'He was in communications and the first to hear the war was over, he's a bit of a joker, and no one believed him at first.'
