---
title: "UK's Reeves announces National Wealth Fund investment in carbon capture"
description: "LONDON, July 7 (Reuters) - British finance minister Rachel Reeves will announce on Monday a 28.6 million pound ($39 million) investment by the National Wealth Fund in a carbon capture project that could create jobs in central and northern England."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2025-07-07-uks-reeves-announces-national-wealth-fund-investment-in-carbon-capture/"
published: "2025-07-07T03:48:06"
updated: "2025-07-07T03:48:08"
lang: "en-ZA"
word_count: 233
---

# UK's Reeves announces National Wealth Fund investment in carbon capture

> LONDON, July 7 (Reuters) - British finance minister Rachel Reeves will announce on Monday a 28.6 million pound ($39 million) investment by the National Wealth Fund in a carbon capture project that could create jobs in central and northern England.

By Reuters · Published 7 July 2025, 05:48 SAST · Updated 7 July 2025, 05:48 SAST

## Key points
- In a bid to transform the UK's carbon-heavy industries into eco-friendly powerhouses, the government is unveiling a £21.7 billion plan for carbon capture that promises to bury emissions beneath the Irish Sea while simultaneously digging up 12,500 jobs—because nothing says "green revolution" like a good old-fashioned industrial makeover.
- Britain commits £21.7 billion over 25 years for carbon capture and storage (CCS) to meet net zero emissions by 2050.
- Funding aims to establish a carbon capture pipeline for cement and lime industries in the Peak District, storing emissions beneath the Irish Sea.
- The initiative is expected to create 12,500 jobs and inject £3 billion into the British economy, according to Minister Reeves.
- Labour government seeks to regain public confidence by showcasing new projects amid internal party challenges and recent policy U-turns.

## Content

[Last year](https://www.reutersconnect.com/all?search=all%3AL1N3LG06P&linkedFromStory=true), Britain said it would provide funding of up to 21.7 billion pounds over 25 years to develop carbon capture and storage projects to curb emissions from industry and create new jobs.

Britain has a climate target to reach net zero emissions by 2050 and has said CCS will be needed to curb emissions from energy-intensive industrial sectors.

On Monday, Reeves will hail the funding as the first step towards the development of a carbon capture pipeline between cement and lime companies in Britain's Peak District, which will store emissions below the Irish Sea, according to a statement from her ministry.

"The National Wealth Fund is a force for growth, investing 3 billion pounds into the British economy and securing 12,500 jobs," Reeves said in a statement.

"We're modernising the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire, Staffordshire and the North West to put more money into working people's pockets."

[Reeves](https://www.reutersconnect.com/all?search=all%3AL8N3T00YH&linkedFromStory=true) and the rest of Prime Minister Keir Starmer's cabinet are keen to show what the Labour government is doing to change Britain by announcing new projects after being forced into a series of embarrassing U-turns and a [major rebellion](https://www.reutersconnect.com/all?search=all%3AL8N3SY1JB&linkedFromStory=true) from within the party over welfare reforms. Those have raised questions about the government' ability to cut spending and about party control.

($1 = 0.7325 pounds)

(Reporting by Elizabeth Piper; Editing by Emelia Sithole-Matarise)