FX.co ★ Eni Secures UK Govt Funding For CO2 Transport And Storage Project With CCS Industry Launch

Eni S.p.A., the prominent Italian energy firm, announced on Friday that it has procured the UK Government's endorsement and financial backing for an Economic License pertaining to the Liverpool Bay CO2 Transport and Storage (T&S) initiative.

This financial allocation, signifying the commencement of the UK's Carbon Capture & Storage (CCS) industry, includes investments aimed at "Track 1" industrial emitters. This step represents a pivotal milestone in the advancement of the HyNet CCS project, one of the UK's most progressive carbon capture initiatives, poised to unlock substantial investment in the region.

Serving as the operator of the CO2 transport and storage system for this venture, Eni has committed to playing a crucial role in curtailing emissions from industries that are particularly challenging to decarbonize across the North West of England and North Wales.

The project's initial phase boasts a storage capacity of 4.5 million tonnes of CO2 annually, with the potential to scale up to 10 million tonnes per year beyond 2030.

The company anticipates that this initiative will significantly contribute to mitigating the environmental impact of these industries, aligning with the UK's objective to capture and store 20-30 million tonnes of CO2 annually.

HyNet is projected to secure local employment, aid in the decarbonization of challenging industries, and sustain the UK's industrial competitiveness long-term by fostering new production networks and job opportunities.

Commenting on the development, Ed Miliband, the UK Secretary of State for Energy Security and Net Zero, stated, "Monday marked the end of 150 years of coal in this nation. Today heralds a new era. By securing this funding, we set the stage for a clean energy revolution that will revitalize Britain's industrial strongholds ... This funding underscores the efficacy of proactive government collaboration with businesses to deliver promising jobs to our communities."

In Milan, Eni's shares were trading at 14.30 euros, reflecting a 1.38 percent increase.