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Reeves, UK's Reeves, announces National Wealth Fund Investment in Carbon Capture

The British Finance Minister Rachel Reeves announced on Monday that the National Wealth Fund will invest 39 million pounds (28.6 million pounds) in a project to capture carbon emissions, which could lead to new jobs in northern and central England.

Last year, Britain announced that it would invest up to 21,7 billion pounds in 25 years for the development of carbon capture and storage project to reduce emissions from industry and to create new jobs.

Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industrial sectors that are energy intensive.

Reeves, in a statement released by her ministry, will celebrate the funding on Monday as the first step toward the development of a pipeline for carbon capture between British cement and lime firms located in Britain's Peak District. The pipeline will store emissions beneath the Irish Sea.

Reeves, in a press release, said that the National Wealth Fund was a force of growth. It invested 3 billion pounds to boost the British economy.

"We are modernising the cement, lime and lime-based industries, providing vital carbon capture infrastructure, and creating jobs in Derbyshire, Staffordshire and North West, to put more money in the pockets of working people."

Reeves, along with the rest of Keir-Starmer's Cabinet, are eager to demonstrate what the Labour Government is doing to transform Britain. They have announced new projects to do so after having been forced to make a series embarrassing U turns and to deal with a rebellion within the Labour Party over welfare reforms. These have raised concerns about the government's ability to reduce spending and party control.

(source: Reuters)