The UK is positioning itself as a prime location for climate technology, particularly in carbon removal.
- The UK government’s strong backing of carbon capture aligns with its net-zero ambitions.
- Climate tech funding in the UK is second only to Stockholm, making it a hotspot for investment.
- Neustark, a Swiss company, is launching carbon removal operations in the UK with local partners.
- Concerns remain about the efficacy of carbon capture in achieving true net-zero emissions.
The UK is emerging as a leading hub for climate technology innovation, attracting interest from global companies specialising in carbon removal. With the government firmly supporting carbon capture initiatives, the nation is setting a favourable environment for startups to thrive. Recent government budgets reflect this commitment, earmarking significant funding towards green technologies, with a focus on hydrogen power and carbon capture.
In 2023, London ranked second globally in terms of raised funds for climate tech, only behind Stockholm. This financial climate positions the UK as a fertile ground for emerging tech companies seeking expansion opportunities.
Neustark, a promising Swiss climate tech firm, is one such company capitalising on the UK’s conducive market conditions. The company has launched its carbon removal technology in partnership with Aggregate Industries, a British building materials supplier. Neustark’s approach involves embedding carbon capture technology in recycled concrete, claimed to lock carbon permanently, thus mitigating atmospheric CO2 levels.
Having established 19 sites across Europe, Neustark’s expansion into the UK highlights the market’s ‘ideal’ characteristics, attributed to its advanced supply chain, robust infrastructure, and proactive government support. Their initial site, operational from Monday, is located in Greenwich, London, capable of storing and removing 1,000 tonnes of CO2 annually.
Despite the enthusiasm for carbon removal ventures, experts remain sceptical about their efficacy. Reports, such as the one by Bruce Robertson, underscore concerns over the underperformance of current carbon capture initiatives, questioning their role in achieving net-zero targets. Robertson argues that reliance on these technologies, especially within the fossil fuel sector, may not suffice in addressing climate change effectively.
The UK’s supportive environment for carbon capture is attracting global innovators, though its overall effectiveness in battling climate change remains to be fully proven.
