Eni Gets U.K. Funding for Carbon-Capture Project — Update

By Christian Moess Laursen

Eni received government funding for its Liverpool Bay carbon-dioxide transport and storage facilities in northwest England, as part of the country's continuing effort to reduce its emissions.

The Italian energy major said Friday that the funding allocation was a key milestone toward the execution of its HyNet carbon capture and storage project. It didn't disclose the amount of funding secured.

The project would change one of the U.K.'s most energy-intensive industrial regions into one of the world's first low-carbon industrial clusters, Eni said.

The funding is part of a investment pledge of up to 21.7 billion pounds ($28.48 billion) by the U.K. for carbon-capture and storage, or CCS, projects.

The U.K. emitted 384.2 million metric tons of carbon dioxide equivalent in 2023, according to provisional government figures.

HyNet has an initial storage capacity of 4.5 million tons of carbon dioxide a year, with the potential to increase to 10 million tons a year after 2030, Eni said.

CCS is a technology that captures carbon-dioxide emissions from sources like power plants or factories and stores it underground to prevent it from entering the atmosphere.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 04, 2024 04:58 ET (08:58 GMT)

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