National Wealth Fund to put £28m into carbon capture project
Peak Cluster is working towards a pipeline that will take carbon emissions from cement and lime companies in the Peak District and store them below the Irish Sea.
The £28.6 million is coming from the National Wealth Fund (NWF) a body announced by the Government last year with £27.8 billion to invest in clean energy and growth industries, in the hope of catalysing other private investment.
Peak Cluster is also backed by £31 million from the private sector, the Treasury said, and will be the NWF's first investment in carbon capture, since Rachel Reeves said in March that it should be a priority.
The Chancellor said: 'We're modernising the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire, Staffordshire and the North West to put more money into working people's pockets.'
Energy Secretary Ed Miliband described the investment as a 'landmark' that could help 'deliver thousands of highly skilled jobs'.
'Workers in the North Sea and Britain's manufacturing heartlands will drive forward the country's industrial renewal, positioning them at the forefront of the UK's clean energy transition,' he added.
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