Government plans £1bn per year for carbon capture technology

The Government also promised to ‘rapidly’ announce the winners of a competition to build small nuclear power plants in the UK.

The Government hopes that projects can capture up to 30 million tonnes of carbon a year by 2030 (Danny Lawson/PA) (PA Archive)

The Government has announced a new plan to funnel around £1 billion a year into technology which can help capture carbon emissions before they are released into the atmosphere.

The Chancellor will next week set out what he promises to be a “clean energy reset” with extra money for carbon capture and new promises on nuclear power.

However in an announcement on Friday evening, the Treasury promised nothing new to help wind or solar developers.