Prime Minister, Keir Starmer, makes Carbon Capture announcement.

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The PM, Keir Starmer, gave a speech in Merseyside this morning following today’s ￡21.7bn announcement on Government funding for carbon capture. Please see a summary below.

?A live recording of the speech can be found here.

Summary - Starmer said ....

The investment is a “moment of partnership” with companies such as BP and Equinor.

Investment is crucial for giving pride, dignity and security to the existing workforce.

Described the week as a “landmark” in the British story – with the end of coal and the start of carbon capture and storage.

The investment would create 4,000 skilled jobs directly, and 50,000 jobs in the wider supply chain across the country.

The new industrial strategy would provide certainty and stability to investors.

The investment provided security for the energy intensive industries like glass, cement and ceramics making. He said “decarbonisation does not mean industrialisation.”

The British identity and pride in industry could be preserved through treating industrial communities as a source of growth and dynamism.

Communities could benefit from investment in industries where Britain had a comparative advantage.

“Carbon Capture is a race that we can win.” He said the UK had the finance, the expertise, and the geology.

CCUS was ready to be scaled. He said it would reverse some of the impacts of industrialisation. He said the UK was putting itself in a position to win the global race for investment.

The day was a “line in the sand.” He said the Government would do things differently and provide certainty through the industrial strategy. He said he hoped the Government would deepen its partnership with industry.

The Government would only invest where the UK had a “clear and undeniable potential” and where there was a clear case for long-term growth.