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BBC’s Political Correspondent, Rajdeep Sandhu, has revealed that a significant funding announcement for a carbon capture project in Aberdeenshire is on the cards as part of the UK government’s upcoming spending review. The Acorn Project, situated in St Fergus, is set to play a pivotal role in capturing greenhouse gas emissions and storing them beneath the North Sea through the process of carbon capture and storage (CCS).
Growing pressure from business leaders has been mounting in support of the project, which has been languishing on a reserve list for financial support. The impending revelation of budgets for government departments by Chancellor Rachel Reeves later this week is expected to shed light on which new ventures will receive backing, including the Acorn Project.
During a parliamentary session on Tuesday, ministers faced repeated inquiries regarding the funding for the Acorn Project. Energy Minister Sarah Jones assured MPs that the wait for details on the project’s financial support would not be prolonged, stating that the government has consistently backed the initiative as it constitutes a crucial proposal. The final decision, however, hinges on the results of the spending review.
In a bid to bolster support for the Acorn Project, prominent figures within the business realm, including oil magnate Sir Ian Wood, along with entities like the Scottish Chambers of Commerce, penned a letter urging the chancellor to endorse the venture earlier this year. Despite facing setbacks over the past two decades, proponents argue that the project is instrumental in helping the Scottish industry transition towards decarbonization. Critics, however, have raised concerns over public funding for CCS projects, warning of potential adverse implications on climate targets and environmental sustainability if the projects are greenlit
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