a revenue mechanism to bring through private sector investment into ICC and hydrogen projects.business models for Transport & Storage (T&S), power, industrial carbon capture (ICC), low carbon hydrogen and potentially bioenergy with carbon capture and storage (BECCS), which include:. The CIF forms an important part of the package of government support that is expected to be allocated to clusters through the proposed Cluster Sequencing process, along with: This document is being published alongside the Cluster Sequencing for Carbon Capture Usage and Storage Deployment: Phase 1 document, and the updates to the Business Models to set out current plans for the design of the CIF. The Carbon Capture and Storage Infrastructure Fund (CIF) was first announced at Budget in March 2020, and its allocation of £1bn was confirmed at the Spending Review in November 2020. In February this year, BEIS published a consultation seeking input on a potential approach to determine a sequence for locations to deploy CCUS in order to meet this commitment. Included in the Ten Point Plan was a commitment to deploy CCUS in a minimum of two clusters by the mid-2020s, and four clusters by 2030 at the latest, with an ambition to capture 10MtCO₂/year by 2030. The government has therefore set its agenda for a clean, resilient, and sustainable economic recovery, as the UK builds back from the impacts of Covid-19. This is a significant step in the UK’s global climate leadership, and Carbon Capture, Usage and Storage (CCUS) and hydrogen will be critical to meeting these commitments. Last month government accepted the Climate Change Committee’s (CCC) Carbon Budget 6 recommendation. In November 2020, the government published the Ten Point Plan for a Green Industrial Revolution, with commitments focused on driving innovation, boosting export opportunities, and generating green jobs and growth across the country to level up regions of the UK.
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