Over the last week, w/c 18th December 2023, the UK Government (HMT and the Department of Energy Security and Net Zero) announced a series of updates surrounding carbon capture and other low carbon technologies. This includes the Carbon Border Adjustment Mechanism.
We welcomed the Treasury announcement this week of a Carbon Border Adjustment Mechanism (CBAM) coming in 2027, with Peak Cluster’s reaction being included in the Government announcement.
https://www.gov.uk/government/news/new-uk-levy-to-level-carbon-pricing
Project Director, John Egan of Progressive Energy said:
“Starting by 2030, Peak Cluster will decarbonise 40% of the UK’s cement and lime production via carbon capture and storage (CCUS). We are therefore very pleased to hear Government’s ongoing commitment in the CCUS Vision published today, with the intent for competitive allocation rounds from 2027. Today’s news follows the announcement of the Carbon Border Adjustment Mechanism (CBAM) at the start of this week. Together, this week’s announcements will encourage investment in the decarbonisation of essential industry across the UK creating new jobs, safeguarding existing jobs and drastically reducing carbon emissions. We look forward to working together with DESNZ to deliver the CCUS Vision in 2024 and beyond.”