Green plan could provide substantial funding to St Fergus gas terminal
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A green industrial plan unveiled by the UK Government that could provide a significant funding boost for a carbon capture and storage project at St Fergus has been welcomed.
Under a new 10-point plan from the Prime Minister, four carbon capture and storage hubs across the UK will receive a share of £1 billion, helping to support 50,000 jobs.
The St Fergus gas terminal near Peterhead is one of the Scottish sites being considered. The Acorn Project would involve the use of existing oil and gas infrastructure to store carbon dioxide underground in depleted North Sea fields, reducing pollution and helping to tackle climate change.
In June last year, the UK Government awarded Acorn £4.8 million to accelerate the roll-out of the new technology.
Boris Johnson said the new 10-point plan will create, support and protect “hundreds of thousands of green jobs” across the UK, with government investment of £12 billion and a potential for three times as much from the private sector by 2030.
Banff and Buchan MP David Duguid has welcomed the announcement and said: “While both our governments are rightly still focused on the Covid-19 pandemic, it is very welcome to hear the Prime Minister is also looking ahead and prioritising green investment for the future.
“This 10-point plan will create jobs and stimulate private sector investment across the UK.
“It could also provide a very significant boost for the Acorn Project at St Fergus.
“I have long supported the development of carbon capture technology in the north-east of Scotland.
“We have the infrastructure and expertise in place and the potential to store about 75 per cent of the UK's CO2 emissions.
“The COP26 summit will be held in Glasgow next November, and projects like this can help us show the world how we are leading on renewable energy, clean growth and tackling climate change.”