Industry Minister and business leaders discuss unlocking UK’s £30bn CO₂ storage opportunity.

Today in Westminster, Luke Myer MP brought the Industry Minister, Sarah Jones, together with ten industry leaders to discuss unlocking investment in carbon capture and storage (CCUS). The high-level roundtable in Parliament discussed barriers to trade, and Mr. Myer stressed the opportunity for Teesside to become a hub for green jobs, benefiting from its offshore storage capacity and established industrial expertise.

Industry modelling suggests that by 2050, the UK’s CO₂ storage sector could generate £30bn annually, while carbon storage exports alone could reach £2bn a year by 2030.

Luke Myer MP said:
“Teesside has the infrastructure, the skills, and the ambition to be a leader in CO₂ storage. We have already had Government confirmation of £4bn for carbon capture tech in our region – and by securing further investment, we can create thousands of high-skilled, long-term jobs and drive economic growth.”

“The UK is in prime position to become Europe’s go-to storage hub, but we need the right policies in place to make this happen. That means working with industry and international partners to unlock the full potential of carbon capture.”

NOTES FOR EDITORS

• Luke Myer is the MP for Middlesbrough South and East Cleveland and Co-Chair of the CCUS APPG and committed to advocating for key regional infrastructure projects, ensuring that local communities benefit from new opportunities in sustainable development and job creation.  He has continually pressed the government on its commitment to backing Teesside’s industries, highlighting the region’s strength in manufacturing and its potential for new investment in clean energy.
• The roundtable, hosted in Westminster, brought together major industry figures, including representatives from Shell, BP, ExxonMobil, Harbour Energy, and Xodus. Discussions focused on regulatory changes to accelerate CCUS deployment.
• The All-Party Parliamentary Group (APPG) on Carbon Capture, Utilisation, and Storage (CCUS) is a cross-party group of MPs and Peers dedicated to promoting the role of CCUS in the UK’s transition to net zero. The group works with industry experts, policymakers, and stakeholders to develop policies that support investment in CCUS technology, unlock economic opportunities, and position the UK as a global leader in CO₂ storage and decarbonisation.