Acorn carbon capture project to get loans instead of most of its promised £200m grant
Summary
Labour scrapped the Acorn carbon capture funding in the UK Budget, The Scotsman reported on Wednesday 28 October, the funding to be repurposed to help pay for defence investment. On Thursday 29 October the Chief Secretary to the Treasury, Emma Reynolds, said the UK Government will stand by funding for the carbon capture project, speaking amid concerns over funding for the Acorn project in Scotland's north east, the Evening Standard and The Independent reported, while The Scotsman reported a 'spectacular shambles', the project's initial £200m now to be funded through loans rather than the promised government grant. On Friday 30 October Swinney was 'deeply concerned' by the Acorn carbon capture decision, the funding mechanism for the project having been changed in the Chancellor's Budget, the Evening Standard and The Independent reported, and The Scotsman reported that only £12m of the £200m of grant funding the UK government had promised, 6 per cent, will be handed over to the project. On Sunday 1 November a minister said the UK Government wants the Acorn carbon capture and storage project to be a success, the Evening Standard and The Independent reported, and on Monday 2 November the SNP called for £5bn of oil and gas revenues to be used to fund the project, the same outlets reported, SNP Westminster leader Dave Doogan saying the money projected to have been raised by the windfall tax on oil and gas giants should go towards it, according to The Scotsman.
Latest: The SNP called for £5bn of oil and gas revenues to be used to fund the Acorn carbon capture project, the Evening Standard and The Independent reported, writing that Chancellor John Healey changed the project's £200 million grant funding commitment in the Budget, and SNP Westminster leader Dave Doogan said the money projected to have been raised by the windfall tax on oil and gas giants should go towards the project, The Scotsman reported.
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How it unfolded
Monday 2 November
The SNP called for £5bn of oil and gas revenues to be used to fund the Acorn carbon capture project, the Evening Standard and The Independent reported, writing that Chancellor John Healey changed the project's £200 million grant funding commitment in the Budget, and SNP Westminster leader Dave Doogan said the money projected to have been raised by the windfall tax on oil and gas giants should go towards the project, The Scotsman reported.
- 04:11The Independent Use £5bn oil and gas revenues to fund Acorn carbon capture – SNP
- 04:11Evening Standard Use £5bn oil and gas revenues to fund Acorn carbon capture – SNP
- 01:00The Scotsman Use £5bn oil and gas revenue to fund Acorn carbon capture project, says SNP
Sunday 1 November
A minister said the UK Government wants the Acorn carbon capture and storage project to be a success, the Evening Standard and The Independent reported, the project having been due to receive £200 million in grant funding from the UK Government.
- 06:20The Independent UK Government wants Acorn carbon capture and storage project success – minister
- 06:14Evening Standard UK Government wants Acorn carbon capture and storage project success – minister
Friday 30 October
Swinney was 'deeply concerned' by the Acorn carbon capture decision, the funding mechanism for the project having been changed in the Chancellor's Budget, the Evening Standard and The Independent reported, while The Scotsman reported that only £12m of the £200m of grant funding the UK government had promised to the project will be handed over, 6 per cent of it.
- 15:39The Scotsman Only £12m of promised £200m of UK grant funding will be handed over to Acorn carbon capture project
- 11:50The Independent Swinney ‘deeply concerned’ by Acorn carbon capture decision
- 11:48Evening Standard Swinney ‘deeply concerned’ by Acorn carbon capture decision
Thursday 29 October
Chief Secretary to the Treasury Emma Reynolds said the UK Government will stand by funding for the carbon capture project amid concerns over funding for the Acorn project in Scotland's north east, the Evening Standard and The Independent reported, while The Scotsman reported a 'spectacular shambles', the initial £200m now to be funded through loans rather than the promised government grant.
- 10:39The Scotsman 'Spectacular shambles' as Labour's carbon capture funding descends into chaos
- 06:20The Independent UK Government will stand by funding for carbon capture project – minister
- 06:20Evening Standard UK Government will stand by funding for carbon capture project – minister
Wednesday 28 October
Labour scrapped the Acorn carbon capture funding in the UK Budget, The Scotsman reported, headlining a 'hammer blow' for the North Sea, the funding to be repurposed to help pay for defence investment.