Latest news with #NetZeroTeesside
Yahoo
13-08-2025
- Business
- Yahoo
Reverse non-dom crackdown to get Britain building, Reeves urged
Rachel Reeves has been urged to scrap her controversial non-dom tax crackdown to lure foreign billionaires back to invest in Britain's much-needed building projects. Leo Quinn, the chief executive of construction giant Balfour Beatty, said the Chancellor's abolition of the non-dom regime had driven away crucial investment from the nation's infrastructure. Mr Quinn said: 'London's the best city on the planet and what we should be doing is attracting all these billionaires and wealthy families here ... because what they bring with them and the investments they make is phenomenal. 'I'm hoping that one [minister] will see the light and say, 'Maybe we've gone a little bit too far in what we've done around non-doms ... and we'll look to mitigate some of those rules.'' The Chancellor scrapped the non-dom status in April, a move widely blamed for chasing some of Britain's wealthiest people out of the country. High-profile exits that followed the tax changes include Richard Gnodde, a Goldman Sachs banker, Aston Villa co-owner Nassef Sawiris and John Fredriksen, a Norwegian shipping magnate. Mr Quinn, 68, said Britain was missing out on opportunities to attract wealthy businesspeople to invest in projects where they could 'take a long view' of the possible profits. 'The Government could do more to increase investment here, and there's huge opportunities to bring investment into the infrastructure market,' said Mr Quinn, who is stepping down after a decade at the company. His comments come as figures show foreign investment into Britain plummeted to a record low last year, despite ministers' efforts to drum up cash from overseas. The number of inbound foreign direct investment projects dropped by 12pc to 1,375, its lowest point since records began in 2008, according to data from the Department for Business and Trade. In a trading update, Balfour Beatty said the Government's efforts to speed up infrastructure developments had buoyed half-year profits, which rose 18pc to £132m. The company's projects include the £833m Net Zero Teesside carbon capture project and the Sizewell C nuclear plant, for which Balfour Beatty will deliver a third of the main civil engineering works. A Treasury spokesman said it was attracting 'record investment to our shores' and providing investors with 'direction and clarity on our priorities for major projects'. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
27-05-2025
- Business
- BBC News
Appeal against Teesside 'net zero' power station dismissed
An appeal against the decision to approve a new gas power station has been consultant Andrew Boswell appealed a High Court decision after arguing against the green credentials of Net Zero Teesside, which is planning to use carbon-capture technology at the case was dismissed by the Court of Appeal on Thursday, with Dr Boswell saying the ruling proved climate laws were "broken".The project's developers said they were "pleased" with the decision. The Department for Energy Security and Net Zero (DESNZ) declined to comment. In March, Dr Boswell's legal representatives had argued the government did not fully explore the environmental impacts of the scheme before approving said it had acknowledged the "significant" greenhouse gas emissions the scheme would cause before any decision was Rose Grogan, for DESNZ, had told the court: "Fossil fuel remains part of the government's energy mix. "It's part of the transition to a low-carbon economy... but it needs to be low carbon through the deployment of CCS [carbon capture and storage]." The plant, which is planned for the Teesworks site, near Redcar, is being developed by a firm called Net Zero Teesside Power – owned by BP and company previously stated the project could generate up to 860MW of low-carbon has claimed at least 90% of the gas power station's emissions would be captured and funnelled beneath the North Sea. 'No merit in challenge' In its judgement, the court said its task was simply to determine whether or not the decision-making process surrounding the power plant was said the "evaluation" and "acceptability" of the estimated emissions caused by the plant was a "matter of fact and judgement for the decision-maker".The government had made "lawful and properly reasoned conclusions" regarding the plant's potential greenhouse gas emissions, the court Zero Teesside Power said: "[We] welcome this second judicial confirmation that there is no merit in Andrew Boswell's challenge."Dr Boswell called for the government to launch a scientific review into the use of carbon capture and storage technology (CCS) for gas power plants. Follow BBC Tees on X, Facebook, Nextdoor and Instagram.
ITV News
25-04-2025
- Business
- ITV News
Government go-ahead for green energy plant could bring thousands of jobs to North West
The government's given the go-ahead for a multi-billion pound green energy project that could create two thousand jobs and attract thousands more to Cheshire. The HyNet hydrogen production hub will be built at the Stanlow oil refinery, and be operational by 2028. It's owners EET Fuels are building a parallel hydrogen facility that will help decarbonise the site's operations. The project will capture carbon dioxide produced by industrial plants and store it permanently and safely in depleted gas fields in the Irish Sea Energy company Eni plan to award around £2 billion in supply chain contracts for the backbone of the HyNet masterplan – its Liverpool Bay Carbon Capture and Storage (CCS) Project. The government green light follows an announcement it made in February confirming HyNet will share £22bn of funding over a 25 year period with a similar project in the North East of England - Net Zero Teesside to make the UK 'an early leader in two growing global sectors, CCUS and hydrogen'. The government said the two projects will help remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road. Construction of HyNet will now commence, putting spades in the ground and putting the region on track for operations to begin in 2028. Announcing the agreement, Energy Secretary Ed Miliband said: 'This investment from our partnership with Eni is government working together with industry to kickstart growth and back engineers, welders and electricians through our mission to become a clean energy superpower.' Eni say the the Liverpool Bay CCS project will operate 'as the backbone of the HyNet Cluster' to transport carbon dioxide from capture plants across the North West of England and North Wales through new and repurposed infrastructure to safe and permanent storage in Eni's depleted natural gas reservoirs, located under the seabed in Liverpool Bay.
BBC News
06-03-2025
- Business
- BBC News
Scrapping of Teesside hydrogen plant plans 'disappointing'
BP's announcement that it had dropped plans for a "green" hydrogen plant has been described as "bitterly disappointing". The multinational had previously sought planning permission to build a power plant in Redcar, which would have produced hydrogen by breaking down water using as part of a shift in strategy away from renewables, the firm has now scrapped the scheme. Leader of Redcar and Cleveland Borough Council, Alec Brown, said that despite the "blow", BP remained committed to "innovative projects" in the region. BP had previously said the construction of HyGreen would create up to 500 jobs with the likelihood the "majority" would be taken by people living in the Middlesbrough and Stockton electricity used at the plant would have mainly been derived from low carbon sources and the hydrogen would have been used by firm said it would now be focusing on other projects in the area including Net Zero Teesside and a blue hydrogen plant. 'Decarbonisation blow' Brown said: "This is bitterly disappointing news - but we remain optimistic about the future."He said his administration would support all those, including BP, working on green energy projects in the region. Brown also said these schemes would "help secure jobs" and have "huge potential".Prof Sara Walker, who is leading a UK Research and Innovation (UKRI) project into the integration of hydrogen into the wider energy landscape, said the news was a "blow to the decarbonisation of Teesside and to the overall development of green hydrogen in the UK".However, she said that the government had backed another green hydrogen project in Teesside, developed by EDF. Tees Valley Mayor Houchen said the combined authority had seen "incredible progress" in its plan to develop Teesside as a "global centre for green energy" and there remained "huge interest" from investors. But he did not provide a comment on BP scrapping a scheme he had previously described as a "coup for the region" that would create "well-paid, good quality jobs". Follow BBC Tees on X, Facebook, Nextdoor and Instagram.
BBC News
05-03-2025
- Business
- BBC News
Teesside 'net zero' plant aids energy security, court hears
The decision to approve a new "net zero" gas power station was "perfectly lawful", the Court of Appeal has consultant Andrew Boswell is appealing a High Court decision after arguing against the green credentials of Net Zero Teesside, which is planning to use carbon-capture legal representatives have argued the government did not fully explore the environmental impacts of the scheme before approving barrister Rose Grogan, for the Department for Energy Security and Net Zero (DESNZ), said the government had acknowledged the "significant" greenhouse gas emissions the scheme would cause before any decision was made. Dr Boswell's team argued that was still not enough. The plant, which is planned for the Teesworks site, near Redcar, is being developed by a firm called Net Zero Teesside Power – owned by BP and company has previously stated the project could generate up to 860 megawatts of low-carbon has claimed at least 90% of the gas power station's emissions would be captured and funnelled beneath the North February 2024, the government granted the project a development order (DCO), which is required for nationally significant infrastructure projects. 'Value judgement' On the case's second day, Ms Grogan continued to argue that the former secretary of state for energy security and net zero had acknowledged the "significant" carbon emissions the project would cause in her decision making process. She said the minister was "entitled" to look at all types of factors when making the verdict. In aiming to achieve net zero by 2050, Ms Grogan said the government had to balance "energy security" needs with possessing an "energy mix" which enabled back-up fuels if renewables were "not operational".She said it was a "value judgement" and the government had made a "reasoned conclusion" which was "perfectly lawful".She said there was no "real" doubt in the case. 'Important to detail effects' Catherine Dobson, representing Dr Boswell, said making a "reasoned conclusion" of a project's environmental impact required more than simply calling an effect "significant". She said it was also key to detail "how significant" that impact would be and how it would affect the said a better understanding of the significance might have affected the "planning balance" but even if it had not, it was still important to detail the previous environmental legal cases, she said: "It's important this is known."The judges did not say when the court would make a decision on the case. Follow BBC Tees on X, Facebook, Nextdoor and Instagram.
