UK Pledges $1.6B To Spark Carbon Capture Plan

Law360, New York (April 3, 2012, 5:37 PM EDT) -- Britain on Tuesday pledged £1 billion ($1.6 billion) in new funding for its carbon capture and storage initiative and widened the list of eligible projects in an effort to reinvigorate the program, which so far has failed to spark widespread enthusiasm from power producers.

Gas-fired power plants can now apply for funding for the technology, which collects carbon emissions from power plants and transports them to underground structures like empty oil reservoirs or aquifers where they can be safely stored. Previously, only coal plants and industrial...
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