The UK government has unveiled plans for a flagship £20m ($25.6m) carbon capture, usage and storage (CCUS) project in the North Sea, as international energy ministers and executives from many of the largest oil & gas companies gathered for a world-first summit in Edinburgh, Scotland, to discuss the role of the technology in helping the world meet climate change-mitigating emission-reduction targets.

The project, which would be at the centre of a £45m “commitment to innovation” by Britain as part of a new industrial strategy in development, is intended to kick-start investment of £315m in decarbonising industrial sites, with work to get under way with the UK Oil & Gas Authority, industry and the seabed landlord the Crown Estate to identify existing offshore fields that could be transformed for CCUS projects.