Latest news with #AcornCarbonCaptureandStorage
Scotsman
26-06-2025
- Business
- Scotsman
Industrial strategy is turning point for Scotland's economy
Electricity costs for energy-intensive firms will be cut by up to 25% (Picture: Gareth Fuller/PA Wire) This week the Labour Government launched the ten-year Industrial Strategy, a new, whole-of-government approach to the economy which holds brilliant opportunities for Scotland. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Advanced manufacturing, clean energy, the creative industries, defence, digital and technologies, financial services, life sciences and professional and business services; Scotland excels at them all. But we can do more to help these industries thrive. That's exactly the aim of Labour's new industrial strategy, which will back Scotland's strengths and has ambitious plans for these eight high-growth sectors. As a ten-year plan, it's a turning point for Scotland's economy, marking a clear departure from the short-termism of previous governments north and south of the border. Advertisement Hide Ad Advertisement Hide Ad A key part of the strategy is the new British Industrial Competitiveness Scheme which, from 2027, will slash industrial electricity costs for energy-intensive firms by up to 25 per cent, benefitting hundreds of businesses in Scotland and up to 7000 across the whole UK. Tackling energy costs has been the single biggest ask of us from businesses; we've listened, and now we're taking action. The new strategy also means billions in innovation funding and business finance, new initiatives to improve skills, a new taskforce to attract talent from across the world, planning reforms, a landmark commitment to £725 billion on infrastructure over ten years, and improvements to digital infrastructure, including £41 million to improve the speed and availability of Wi-Fi on mainline trains. This will ensure the industries that make Scotland great can thrive, boosting our economy and creating well-paid jobs, putting more money in people's pockets and delivering on this government's Plan for Change. While the strategy will lift living standards in all parts of the country, Scotland in particular stands to derive unique advantages. Scottish clean energy industries will benefit from development funding of around £200m to advance the Acorn Carbon Capture and Storage project, capitalising on expertise in the oil and gas sector in the North East and guaranteeing the future of this vital pillar of Scotland's economy. Meanwhile, Scotland's universities, which are driving innovation across quantum, clean energy and life sciences, will get to take full advantage of the recently announced £750m investment in the UK's largest supercomputer at the University of Edinburgh, which sets a marker for our ambition for further growth in digital and technologies. Scotland's advanced manufacturing also stands to benefit. The sector, which employs 195,000 people across Scotland, will receive investment of £4.3bn, including up to £2.8bn in research and development funding over the next five years, supporting this vital part of Scotland's industrial past and guaranteeing a bright future for it. It's an increasingly tumultuous time for the world economy, and this new strategy delivers the long-term certainty, stability and direction Scottish businesses need to invest, innovate and create good jobs that put more money in people's pockets. This is the way to deliver improved living standards right across the country. Scotland has a proud industrial heritage, and with this new strategy we can extend that long into the future. I launched the Industrial Strategy in Scotland this week at the old Cockenzie power station site in East Lothian. The potential there is huge. The challenge is now to grasp all these wonderful opportunities and deliver thousands of new jobs in Scotland. Ian Murray is MP for Edinburgh South and Secretary of State for Scotland
Yahoo
12-06-2025
- Business
- Yahoo
Acorn carbon capture project to get £200m, Miliband confirms
UK Energy Secretary Ed Miliband has confirmed that £200m will be provided to progress the Acorn Carbon Capture and Storage (CCS) scheme in Aberdeenshire. 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.
The Independent
10-03-2025
- Business
- The Independent
Business leaders urge Chancellor to back carbon capture project
Business leaders in the north east have joined forces to urge the UK Government to back a major carbon capture and storage project and treat it as an 'immediate priority'. They have written to Chancellor Rachel Reeves calling on her to progress the Acorn Carbon Capture and Storage (CCS) project in Aberdeenshire. In the letter they warn that without the project 'there is no route for Scottish industry to decarbonise, threatening jobs and investment'. Signatories to the letter include the CBI, Prosper, the Institute of Directors, Scottish Financial Enterprise, Scottish Chambers of Commerce and Sir Ian Wood, chairman of ETZ Ltd. An economic impact study estimates that accelerating Acorn will add £17.7 billion to UK GDP by 2050, create more than 10,800 jobs during construction, and sustain 4,700 long-term operational roles. Sir Ian said: 'Acorn CCS is a crucial catalyst needed to protect skilled jobs and unlock billions of pounds in investment. 'The UK Government must act now to develop this transformational opportunity that will support industrial decarbonisation across the UK as well as much-needed economic growth.' The letter suggests a decision to fast-track Acorn now could quickly enable SSE's plans for carbon capture at its Peterhead site via a proposed new power station with a generating capacity of up to 900MW. It says that 'critically, getting CCS under way at Peterhead will unlock the next phase of industrial decarbonisation for Grangemouth'. It warns that without CCS rising carbon costs will place Grangemouth at a competitive disadvantage, threatening further job losses and industrial decline. The refinery at Grangemouth is due to transition into an import terminal in the coming months, with the loss of 400 jobs. Dr Liz Cameron, chief executive of the Scottish Chambers of Commerce, said: ' Scotland cannot afford further delays on Acorn CCS. The Government has pledged a just transition for our workforce, but those promises must now be matched with decisive investment. 'This is a pivotal moment for Scotland's economy, and we need clear signals that Westminster is serious about delivering a net-zero future that includes industrial communities like ours.' The UK Government has already provided funding for two similar carbon capture clusters, in Merseyside and Teesside. The UK Government has been asked for comment about the letter.
