25/04/2012 - £60 Million Allocated to Assist Development of CCS in Emerging Markets
Climate Change Minister Greg Barker has announced that up to £60 million ($96 million) has been allocated to assist in the development of Carbon Capture and Storage (CCS) technology in emerging markets.
The Carbon Capture, Use and Storage (CCUS) Action Group advised that $200 million should be set aside internationally to speed up the deployment of CCS in the short-term future, (the £60 million is the UK's contribution towards this).
Greg Barker commented: "We recognise that it is important to ensure CCS is deployed in developing as well as developed countries. The funding that the UK has committed today will support the development of new partnerships and capacity building activities in emerging markets."
Jeff Chapman, CEO of the Carbon Capture and Storage Association stated: "I am very pleased to see the UK is joining other developed nations in making a significant contribution to support the deployment of CCS in the developing world. To tackle climate change, it is essential that CCS is deployed on a global scale both in power and industrial sectors. This funding, together with the CCS commercialisation programme will enable us to share investment experience, thereby placing the UK in a leading position in the development of this vital technology."
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