The UK and Eni finalize financing for CO2 storage project in the Irish Sea

The UK government and Italian energy company Eni have announced the financial closing of a project aimed at burying millions of tonnes of CO2 in the Irish Sea, an ambitious initiative to reduce industrial emissions.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

The UK government and Italian energy company Eni announced the completion of the financing for a carbon capture and storage (CCS) project in the northwest of England. This project, which involves transporting and burying millions of tonnes of CO2 in the Irish Sea, is entering a crucial phase with the transition to construction. The exact amount of investment was not disclosed, but this development is part of a larger initiative launched by the UK in October 2024 to develop CCS hubs in former industrial areas in the north of England.

UK Energy Minister Ed Miliband emphasized that this project aims to “launch an entirely new clean energy industry” in England, designed to create thousands of jobs and revitalize industrial communities. The project involves transporting CO2 from factories in the northwest of England and northern Wales to depleted natural gas reservoirs in the Liverpool Bay, where the gas will be stored underground.

CO2 Burial and Storage

The project is set to store 4.5 million tonnes of CO2 annually, a volume that could reach 10 million tonnes by 2030, equivalent to the emissions of 4 million vehicles. To achieve this, Eni will utilize offshore platforms and an existing gas pipeline network, while constructing 35 kilometers of new pipelines to transport CO2 to underground reservoirs.

Carbon capture and storage (CCS) is a complex and costly technology, but it is supported by climate experts for its ability to reduce industrial emissions. Although this solution is particularly recommended for sectors difficult to decarbonize, such as cement and steel industries, it remains controversial. Some NGOs criticize the focus on CCS rather than greater investment in renewable energy sources.

A Sector Still in Development

Globally, the current CO2 capture capacity is estimated at just 50.5 million tonnes per year, representing about 0.1% of global emissions, according to the International Energy Agency (IEA). While the UK’s project represents a massive investment, its long-term viability and effectiveness remain under debate, especially given that alternative technologies have not yet been fully proven at large scale.

A sudden fault on the national grid cut electricity supply to several regions of Nigeria, reigniting concerns about the stability of the transmission system.
Re-elected president Irfaan Ali announces stricter production-sharing agreements to increase national economic returns.
Coal India issues tenders to develop 5 GW of renewable capacity, split between solar and wind, as part of its long-term energy strategy.
US utilities anticipate a rapid increase in high-intensity loads, targeting 147 GW of new capacity by 2035, with a strategic shift toward deregulated markets.
France opens a national consultation on RTE’s plan to invest €100 billion by 2040 to modernise the high-voltage electricity transmission grid.
Governor Gavin Newsom orders state agencies to fast-track clean energy projects to capture Inflation Reduction Act credits before deadlines expire.
Germany’s energy transition could cost up to €5.4tn ($6.3tn) by 2049, according to the main industry organisation, raising concerns over national competitiveness.
Facing blackouts imposed by the authorities, small businesses in Iran record mounting losses amid drought, fuel shortages and pressure on the national power grid.
Russian group T Plus plans to stabilise its electricity output at 57.6 TWh in 2025, despite a decline recorded in the first half of the year, according to Chief Executive Officer Pavel Snikkars.
In France, the Commission de régulation de l’énergie issues a clarification on ten statements shared over the summer, correcting several figures regarding tariffs, production and investments in the electricity sector.
A group of 85 researchers challenges the scientific validity of the climate report released by the US Department of Energy, citing partial methods and the absence of independent peer review.
Five energy infrastructure projects have been added to the list of cross-border renewable projects, making them eligible for financial support under the CEF Energy programme.
The Tanzanian government launches a national consultation to accelerate the rollout of compressed natural gas, mobilising public and private financing to secure energy supply and lower fuel costs.
The Kuwaiti government has invited three international consortia to submit bids for the first phase of the Al Khairan project, combining power generation and desalination.
Nigeria’s state-owned oil company abandons plans to sell the Port Harcourt refinery and confirms a maintenance programme despite high operating costs.
The publication of the Multiannual Energy Programme decree, awaited for two years, is compromised by internal political tensions, jeopardising strategic investments in nuclear and renewables.
The US Energy Information Administration reschedules or cancels several publications, affecting the availability of critical data for oil, gas and renewables markets.
Brazilian authorities have launched a large-scale operation targeting a money laundering system linked to the fuel sector, involving investment funds, fintechs, and more than 1,000 service stations across the country.
A national study by the Davies Group reveals widespread American support for the simultaneous development of both renewable and fossil energy sources, with strong approval for natural gas and solar energy.
The South Korean government compels ten petrochemical groups to cut up to 3.7 million tons of naphtha cracking per year, tying financial and tax support to swift and documented restructuring measures.

Log in to read this article

You'll also have access to a selection of our best content.