The British government has announced a massive investment of £21.7 billion ($28.4 billion) over the next 25 years to establish carbon capture and storage facilities across the country.
According to Report, this bold move comes on the heels of the closure of the UK's last coal-fired power plant earlier this week.
According to an official statement on the government's website, this funding will support the launch of the UK's first-ever CO2 capture sites, which are expected to create thousands of skilled jobs, stimulate billions in private investment, and accelerate the nation's transition to a "net-zero" economy.
The two chosen locations for these groundbreaking projects are Teesside in the northeast and Merseyside in the northwest. These industrial hubs will promote the creation of 4,000 direct jobs and around 50,000 indirect positions while supplying clean energy to the rest of the country.
The carbon capture projects are anticipated to attract approximately £8 billion ($10.5 billion) in private investment. Impressively, they will help reduce CO2 emissions by more than 8.5 million tonnes annually, equivalent to removing 4 million cars from the roads.