As per ESG Today, there will be two main carbon capture units, with a total annual capture and storage capacity of over 8.5 million tons of CO2. The initial investment pledged by UK officials is expected to attract over 9.5 billion euros from private investors, mainly for the local communities, which could benefit from the creation of around 4.000 jobs.

Carbon capture is a strong component of Britain's strategy to become a net-zero country by 2050, with this solution being the ideal way to reach carbon neutrality across hard-to-abate industries, such as steel, cement and chemicals.

Merseyside is among the locations for one of the carbon capture hubs and it includes the HyNet North West project, which belongs to energy company Eni and which stores the captured emissions in depleted gas deposits found in the Irish Sea.

Eni CEO, Claudio Descalzi, said that "HyNet will become one of the first low-carbon clusters in the world and the project will decarbonize one of the key energy-intensive industrial districts as well as unlock significant economic growth in this region of the UK."

The second project, called Teeside, has the purpose of decarbonizing industrial, power and hydrogen sites and will store the emissions in the North Sea. Among the companies involved in its development are bp, Shell and TotalEnergies.