Britain Pledges $28.5 Billion for Carbon Capture

08 Oct 2024 CW Team

The United Kingdom has committed up to £28.5 billion to accelerate its carbon capture and storage (CCS) projects in an effort to meet its net-zero emissions goal by 2050. The pledge comes as the nation prioritizes decarbonization and looks to strengthen its leadership in the development of carbon capture technology. CCS is viewed as a crucial component of the UK's strategy to reduce carbon emissions, particularly in hard-to-decarbonize sectors like heavy industry and energy production.

This investment will fund multiple large-scale carbon capture and storage projects, with a focus on capturing carbon dioxide emissions from industrial processes and power generation, preventing the release of CO2 into the atmosphere. The technology also enables the permanent storage of captured carbon deep underground, significantly lowering emissions.

The British government has stated that the £28.5 billion funding could support job creation, technology development, and infrastructure expansion in carbon capture. With this move, the UK hopes to incentivize innovation and industrial growth while positioning itself as a global leader in CCS.

The funding is part of the UK's broader commitment to achieving net-zero carbon emissions by 2050. CCS is increasingly seen as a key tool to decarbonize sectors that are challenging to transition, like cement production, steel manufacturing, and natural gas processing. The government expects the initiative to not only reduce carbon emissions but also ensure long-term energy security and sustainability.

Real Estate

08 Sep 2025

Max Estates Secures 7.25 Acre Land in Gurugram for Luxury Housing

Max Estates (Max Estates), a leading NCR real estate developer, has acquired development rights for a 7.25 acre land parcel in Sector 59, Gurugram, along the prime Golf Course Extension Road. The project has a development potential of approximately 1.3 million sq ft with an expected outlay of Rs 5.34 billion, offering a Gross Development Value (GDV) of more than Rs 30 billion. The transaction involves the purchase of 100 per cent shareholding in Base Buildwell (BBPL), the SPV holding license and development rights for the parcel, subject to regulatory approvals. With this acquisition, Max..

10th Belt and Road Summit to Drive Collaboration in Hong Kong

The 10th edition of the Belt and Road Summit will be held on September 10-11 at the Hong Kong Convention and Exhibition Centre, marking a decade of progress under the Belt and Road Initiative (B&RI) and opening new avenues for collaboration among governments and businesses. Jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), the Summit is themed “Collaborate for Change • Shape a Shared Future”. It will feature over 90 high-level government officials and business leaders from across Belt a..

Mumbai Introduces 12-Metre Electric Buses in BEST-PMI Partnership

In a milestone for sustainable urban transport, PMI Electro Mobility’s Mumbadevi Mobility, in partnership with the Brihanmumbai Electric Supply and Transport (BEST), launched the first batch of fully electric buses in Mumbai. At an official ceremony held at the BEST Office, Colaba Depot, four 12-metre e-buses were flagged off by Ashish Sharma, IAS, General Manager, BEST. This marks the first phase of a 250-bus fleet aimed at strengthening public transport and cutting the city’s carbon footprint. The buses will operate from Oshiwara Depot, serving high-demand routes for greater c..