The UK Government has committed £22 billion for carbon capture and storage (CCUS) projects in Teesside and Merseyside, with the expectation of attracting £8 billion in private investment.
CCUS technology captures carbon dioxide emissions from industrial sources like steel and cement, preventing them from entering the atmosphere.
The projects aim to capture emissions and store them underground.
The projects are predicted to create around 4,000 jobs in the short term and support up to 50,000 jobs in the long term.
The government funding will be spread over 25 years as part of a wider strategy to decarbonise heavy industries and stimulate economic growth.
This announcement comes ahead of the International Investment Summit, where the UK is positioning itself to attract further investment in clean energy technologies.
The commitment follows the recent milestone of Britain ending its 150-year use of coal for electricity generation.
