Latest news with #AcornCCS
Yahoo
10-03-2025
- Business
- Yahoo
Business leaders urge backing of Acorn project
Business leaders have called on the chancellor to back the Acorn carbon capture and storage (CCS) project in Aberdeenshire. The project at St Fergus would take greenhouse gas emissions and store it in depleted gas reservoirs under the North Sea. The project missed out on support in 2021, which instead went to two areas in the north of England, and was placed on a reserve list for future backing. Signatories on a letter to Rachel Reeves include oil tycoon Sir Ian Wood and business organisations such as the Scottish Chambers of Commerce. The UK government said Acorn had already received more than £40m for its development. More stories from North East Scotland, Orkney and Shetland Listen to news from North East Scotland on BBC Sounds The letter argues that the project has faced two decades of setbacks, and that it is needed to help Scottish industry decarbonise. It warns that failing to act now threatens thousands of jobs, billions of pounds of investment, and economic growth. The letter states: "We write to urge the UK government to commit, in its comprehensive spending review, to progressing Scotland's only opportunity for industrial decarbonisation, the Acorn CCS project, as an immediate priority. "There has never been a more important time for this project to proceed at pace. "Scotland must not be left behind." Commenting on the letter, the UK government said: "Acorn has already received over £40m for development and it is our firm ambition to proceed with the projects in the Track-2 clusters. "Scotland is at the forefront of the drive towards clean energy, with Great British Energy's headquarters located in Aberdeen and the recent £56m award for Cromarty Firth to become the UK's first floating offshore wind port capable of making turbines at scale." It added: "Our historic funding for two initial carbon capture clusters is just the first step in developing a self-sustaining market for the industry." Carbon capture scheme 'best placed' for UK backing
BBC News
10-03-2025
- Business
- BBC News
Business leaders urge backing of Acorn carbon capture project
Business leaders have called on the chancellor to back the Acorn carbon capture and storage (CCS) project in Aberdeenshire. The project at St Fergus would take greenhouse gas emissions and store it in depleted gas reservoirs under the North project missed out on support in 2021, which instead went to two areas in the north of England, and was placed on a reserve list for future backing. Signatories on a letter to Rachel Reeves include oil tycoon Sir Ian Wood and business organisations such as the Scottish Chambers of Commerce. The UK government said Acorn had already received more than £40m for its development. The letter argues that the project has faced two decades of setbacks, and that it is needed to help Scottish industry decarbonise. It warns that failing to act now threatens thousands of jobs, billions of pounds of investment, and economic letter states: "We write to urge the UK government to commit, in its comprehensive spending review, to progressing Scotland's only opportunity for industrial decarbonisation, the Acorn CCS project, as an immediate priority."There has never been a more important time for this project to proceed at pace. "Scotland must not be left behind." 'First step' Commenting on the letter, the UK government said: "Acorn has already received over £40m for development and it is our firm ambition to proceed with the projects in the Track-2 clusters."Scotland is at the forefront of the drive towards clean energy, with Great British Energy's headquarters located in Aberdeen and the recent £56m award for Cromarty Firth to become the UK's first floating offshore wind port capable of making turbines at scale."It added: "Our historic funding for two initial carbon capture clusters is just the first step in developing a self-sustaining market for the industry."
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.
