The SNP Government has launched a new fund to help develop emerging CO2 utilisation technology in Scotland.
The CO2 Utilisation Challenge Fund will help businesses and organisations develop and commercialise the technology, which involves harnessing and converting CO2 – the biggest contributor to climate change emissions – and using it to produce valuable products such as synthetic fuels and proteins for use in aquaculture.
It will be administered by Scottish Enterprise and match-funded by industry, meaning over £10 million could be invested in the initiative over its two-year lifetime.
Kenneth Gibson MSP said:
“The SNP Government is fully committed to helping Scotland become a net zero economy. The most recently published report by the Intergovernmental Panel on Climate Change (IPCC) - the United Nations body for assessing the science related to climate change – shows that the impacts of climate change are even worse than previously thought.
“While the UK Tory Government have so far failed to sufficiently back carbon capture and storage in Scotland, the launch of this £5 million fund underlines the SNP Government’s commitment to making sure Scotland is at the forefront of new industrial opportunities that will result from a future with carbon capture, utilisation and storage deployment.”
Head of Low Carbon Transition at Scottish Enterprise Andy McDonald, said:
“This fund will help ensure we remain at the forefront of the global effort to tackle climate change by supporting innovative Scottish companies with the ambition, capability and expertise to utilise CO2 and transform it into products with commercial value.
"Carbon utilisation technology has wide-reaching benefits for both Scotland’s low carbon economy and the environment. This fund will boost this dynamic and emerging sector by facilitating the creation of more high-value jobs while also helping Scotland reach its net zero emissions target.”
The CO2 Utilisation Fund is a Programme for Government commitment 2020/21.
More details are available on the Scottish Enterprise website.
The Net Zero and Energy Secretary announced £80 million of support for the Scottish Cluster carbon cluster project in January 2022