Reeves has been banging on about her mythical £22BN blackhole for some time now. Aside from the fact Labour is spaffing £12BN on foreign governments' fake green projects, Labour is also spaffing £22BN on a massively overpriced and useless carbon capture scheme.
Those projects will remove 3 million tons of CO2 per year, according to data compiled by Bloomberg. That would fall far short of a previous government target to capture and store between 20 million to 30 million tons of CO2 per year by the end of the decade.
If those are the only projects supported by this funding, it would represent a cost of about £300 per ton of CO2, roughly eight times the current UK carbon price and more than triple the subsidies offered in the US IRA. The decision follows reporting by Bloomberg earlier this year that the government was considering delaying some CCS projects due to rising costs.
Stop these absurdly overpriced wasteful projects and, voila your hole is filled!
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