In October, the prime minister, chancellor and energy secretary pledged billions to kickstart the UK’s first carbon capture projects – one of the biggest green spending promises of the parliament. By December, Ed Miliband was signing contracts, Sir Keir Starmer vowed to “reignite our industrial heartlands” and Rachel Reeves warned that without bold action, Britain would be stuck with low growth and falling living standards. More importantly, net zero targets wouldn’t be met without removing carbon dioxide from the atmosphere.
Fast forward and the Treasury is, reportedly, preparing to scrap the £22bn plan, after economic growth failed to materialise. What a difference a few weeks make.
