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Acorn Carbon Capture Project Funding to Finally Be Announced in Rachel Reeves Spending Review
- On Wednesday, UK Chancellor Rachel Reeves will reveal the spending review, which will include funding for the carbon capture initiative based in Aberdeenshire.
- The announcement follows years of pressure from the Scottish Government, industry leaders, and SNP politicians for funding to support the project’s development.
- The Acorn project, located near Peterhead, focuses on capturing carbon dioxide from various industrial sources and securely storing it underground beneath the North Sea to support Scotland's efforts to achieve its climate goals.
- Rachel Reeves expressed her backing for the Acorn initiative in Aberdeenshire, which aims to aid Scotland's shift from fossil fuels toward sustainable, low-carbon energy solutions.
- The funding could prompt further Scottish Government investment and create jobs, but campaigners remain critical, describing carbon capture as ineffective and greenwashing.
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Chancellor announces funding for Acorn carbon capture project
The project had previously been overlooked for funding.
·London, United Kingdom
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Revealed: The £264 billion Price Tag of the UK’s Carbon Capture Strategy
In October 2024, after extensive lobbying from energy companies including Equinor, BP, and ExxonMobil, the UK Government officially committed £21.7 billion of public money to new fossil fuel-based Carbon Capture and Storage (CCS) projects in Teesside and Merseyside over the next 25 years. Chancellor Rachel Reeves is widely expected to unveil a similar funding pledge for new CCS facilities in Humberside and northeast Scotland as part of Wednesd…
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