Eni UK – the leader of the HyNet North West project, announced it has reached a total of 19 memorandums of understanding signed with companies interested in the opportunity to have their emissions captured, transported and stored underground.
The high number of agreements achieved is a major breakthrough for the carbon capture project and shows the great interest in the carbon dioxide removal services. In January 2022 alone, the oil major signed 6 of these agreements, demonstrating the decarbonization potential offered by the HyNet North West project.
The carbon capture and storage project will provide important support to the UK’s decarbonization process. The UK government’s Plan for Growth strategy included a target of 10 million tons per year of CO2 storage by 2030, however, the Net Zero Strategy increased it to 20 – 30 million tons annually. The HyNet initiative alone would contribute 100% to the 10 million tons per year target and 80% to the 5GW of low carbon hydrogen the government set for 2030.
Relevant: UK Moves Ahead With Carbon Capture Policy
In October 2021, the carbon capture cluster was selected as one of the two priority projects (Track 1 projects) to receive a total of £1 billion ($1.4 billion) financing through the CCS Infrastructure Fund. The goal is to provide the industry with the certainty required to deploy carbon capture utilization and storage at pace and at scale needed to contribute towards the country’s net zero ambitions.
Eni UK has also signed more agreements to the carbon capture hub with Cory, Uniper and the Cavendish Project to evaluate further solutions in terms of storage for the decarbonization of the UK’s industrial clusters.
Relevant: UK Government Picks Just Two Carbon Capture Clusters For Funding