Paul Flynn – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Paul Flynn on 2015-11-26.

To ask Mr Chancellor of the Exchequer, for what reasons the closure of the competition for carbon capture and storage projects was announced on a Stock Market news website on 25 November 2015, in advance of the Autumn Statement and Spending Review 2015.

Damian Hinds

Following the Chancellor’s Autumn Statement, it was announced on the London Stock Exchange at 2:57pm on 25 November 2015 that HMG is not providing £1bn capital grant funding.

We have not taken this decision lightly. However, this was a tight financial settlement and difficult decisions have had to be made. Support for the CCS competition projects has always been conditional on affordability and value for money.

This decision means that the CCS Competition cannot proceed on its current basis. CCS has a potential role in the long-term decarbonisation of the UK and the government is engaging closely with the bidders on the implications of this decision for them.