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The British government and the Eni Italian energy company will announce the final green light Thursday for a 38 -mile pipeline to collect carbon dioxide from industrial factories around Liverpool and Manchester and Offshore.
Two people familiar with the project said that the announcement would be made while more than 60 leaders met in London for a two -day summit on energy security.
Eni pipeline is a crucial part of Hynet North West, an industrial cluster that will include new factories to produce hydrogen to be used by local manufacturers.
The project donors claim that the 350,000 manufacturing jobs in the region will be safer in the future due to the plan and that it will create 17 billion pounds of economic value over the next 25 years.
The Italian company plans to initially store 4.5 million tonnes of carbon dioxide per year in a number of gas fields exhausted at 0.6 mile under the seabed in the Liverpool bay, amounting to 10 million tonnes after 2030, the equivalent of the annual emissions of 4 million cars.
Last October, the government said that it would support Hynet and another project on the East Coast, Net Zero Teeside, with nearly 22 billion pounds for 25 years.
At the time, the CEO of ENI, Claudio Descalzi, said that support was an “important step” to set up an British carbon capture industry. The Eni pipeline also won a building permit in March, paving the way for final investment approval.
The government said in October that Merseyside and Teesside projects “would inject growth into the industrial hearts of the northwest and northeast of England”.
But there have been a concern that little money is found for other carbon capture projects that argued the support of the government, including projects in the Humber and Scotland.
Eni refused to comment.
Meanwhile, Keir Starmer, British Prime Minister, announced that he would put 300 million sterling pounds available to offshore wind projects before the government’s expenditure examination in June.
Funding is designed to make projects less risky for private investors and to create supply chains for new technologies such as floating wind platforms.
Additional report by Jim Pickard
