Ann Mettler, Vice President for Europe at Breakthrough Energy, said:
“The UK has all the ingredients to become a major player in the global push to build our net zero emissions future, including world-class research facilities and forward-looking investors. I am confident that the Cleantech for UK coalition will become a key bridge between cleantech investors, innovators and policymakers.”
UK cleantech venture capital investment was £3.2 billion in 2022, equalling the record-breaking amounts of 2021. This is especially remarkable in a cooling global venture capital climate. But as other countries enact increasingly ambitious climate packages such as the Inflation Reduction Act (IRA) in the USA, and the Net Zero Industry Act in the EU, the UK must go further and faster to maintain competitiveness. The UK would have to spend a total of £36bn to reach the GDP equivalent of the IRA.
Aniruddha Sharma, Chair and CEO of Carbon Clean, added:
“As a carbon capture solutions company headquartered in the UK since 2012, we know that the UK is uniquely placed to be a global leader in the fast-expanding carbon capture, utilisation and storage market. But it’s vital that the government acts quickly to foster certainty and attract the investment that we need.
The market is ready to move provided the right policy framework is in place. The IRA has shown that it’s possible to have smart policies that create a highly attractive investment environment, drawing in huge amounts of private funding. This will be crucial if we are to pick up the pace of decarbonisation through carbon capture.”
Cleantech for UK’s objective is to supercharge UK cleantech innovation. The UK is home to excellent scientific research and a thriving innovation scene. But this world-leading capability is not consistently translated into world-leading cleantech scale-ups.
Richard Youngman, CEO, Cleantech, said:
“To secure the enormous benefits on offer to those brave enough to lead the transformation of our industrialised economies to cleaner, decarbonised and resource-efficient versions of themselves will require innovation in all facets.
“Yes, technological, but equally in financial instruments and in policymaking. I believe a period of intense dialogue, experimentation and hyper-collaboration is needed for the UK to deliver on its net zero goals, its economic growth ambitions, and its national security.”
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About Carbon Clean
Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries such as cement, steel, refineries, energy from waste and biogas. The company’s patented technology significantly reduces the costs of carbon capture when compared to conventional solutions.
The company is leading innovation in the CCUS market and has developed a fully modular technology – CycloneCC – that will help deliver the necessary scaling of carbon capture to achieve global net zero targets. Carbon Clean’s technology is operational in 49 sites around the world, including the world’s largest industrial-scale carbon capture and utilisation plant for Tuticorin Alkali Chemicals & Fertilizers Ltd, India.
Headquartered in the UK, the company has received funding and grant support from the British and US governments and has established partnerships with industry leaders including CEMEX and Veolia. It is also an investor in the Swedish eMethanol fuel company, Liquid Wind.
Carbon Clean is a BNEF Pioneer 2022 company, a Global Cleantech 100 company (for the fourth time), a WIRED Trailblazer company, and features in the inaugural PwC Net Zero Future50.
For further information: www.carbonclean.com