Keir Starmer announces £2 billion boost for Teesside and Merseyside jobs

In the UK, Keir Starmer announced plans for a £22 billion investment aimed at revitalizing industrial regions, specifically Teesside and Merseyside, through the development of carbon capture clusters. This initiative is expected to create approximately 4,000 direct jobs and support an additional 50,000 jobs in the long term. The technology focuses on capturing carbon dioxide emissions from energy production and storing them underground, which is crucial for the UK to meet its net zero targets by 2050. The first carbon dioxide is projected to be stored by 2028, with the new sites anticipated to eliminate over 8.5 million tonnes of carbon emissions annually, equivalent to removing around four million cars from the roads. Starmer emphasized the need for a stable investment environment to encourage growth and job creation, criticizing the previous government's handling of business affairs. The announcement was made during a visit to the North West, where Starmer was joined by key government officials, including Chancellor Rachel Reeves and Energy Secretary Ed Miliband. They highlighted the significance of this investment in transitioning to a clean energy future and the potential for economic recovery in these historically industrial areas. The initiative aligns with recommendations from the Government's independent climate advisers, who have labeled carbon capture, utilization, and storage (CCUS) as essential for achieving climate goals. The funding will also facilitate the establishment of transport and storage networks for the captured carbon, utilizing the UK’s capacity to store emissions for up to 200 years. Overall, this investment represents a strategic move towards a sustainable industrial landscape in the UK, aiming to balance economic growth with environmental responsibility.