The UK government and Eni are working on one of the world’s first asset-based regulated carbon capture and storage (CCS) business models at the HyNet North West industrial CCS cluster, providing carbon transport and storage for hard-to-abate CO2 emissions in the North West of England and North Wales. This is part of the UK government’s CCUS commitment, which includes £21.7 billion of support for CCUS projects, as announced in October 2024. Through this business model, the government de-risks significant infrastructure projects by providing funds and creating vital certainty for large-scale private investment. Kickstarting with HyNet North West, a UK industrial cluster with carbon capture facility will be created, removing approximately 10 million tonnes of CO2 annually after 2030 and contributing significantly to the UK’s target of storing 20-30 million tonnes of CO2 annually by 2030. The HyNet cluster as a whole is estimated to provide £17 billion in economic value in the UK until 2050.

The project will transform one of the UK’s most energy-intensive regions into one of the world’s first low-carbon industrial clusters, by reusing the depleted reservoirs operated by Eni in Liverpool Bay. HyNet will not only guarantee local employment, supporting the decarbonization of hard-to-abate industries, but will also be able to maintain the UK’s industrial competitiveness in the long term by creating new production chains and jobs. Moreover, Eni is expanding its CCS investments with the Bacton Thames Net Zero project in the South East of England, which aims to contribute to the decarbonization of the South East and the Thames regions. 

"The UK government’s design of the funding mechanism has been instrumental in scaling the CCS industry by offering the certainty needed to de-risk clean energy infrastructure investments for the private sector. This strong public-private collaboration is crucial for driving the innovative projects that will power the energy transition and it reaffirms Eni’s role as a key partner with the UK in enabling its journey towards net zero." -Claudio Descalzi, Chief Executive Officer, Eni

Stakeholders

Eni and the UK Government