Energy Secretary Ed Miliband has announced a major step forward in the UK’s push toward cleaner industry, confirming a £28.6 million investment in a carbon capture initiative from the

National Wealth Fund (NWF).

The funding will support Peak Cluster, a project aiming to develop a pipeline that captures carbon emissions from cement and lime production in the Peak District and stores them beneath the Irish Sea.

This marks the NWF’s first investment in carbon capture technology. The fund, launched last year with £27.8 billion to support clean energy and growth sectors, was designed to attract additional private investment. The Treasury confirmed that Peak Cluster has already secured £31 million in private backing.

Chancellor Rachel Reeves identified carbon capture as a priority in March. Speaking about the investment, she said: “We’re modernising the cement and lime industries, building crucial carbon capture infrastructure, and creating jobs across Derbyshire, Staffordshire, and the North West—putting more money into the pockets of working people.”

Ed Miliband called the project a “landmark” investment and emphasized its broader significance: “Workers in the North Sea and Britain’s manufacturing heartlands will lead our industrial renewal, helping drive the UK’s clean energy transition and creating thousands of skilled jobs.”

In a notable policy shift, Miliband is also considering allowing further development of oil and gas projects in the North Sea, signaling a potentially pragmatic approach to the country’s energy future. Photo by Lauren Hurley / No 10 Downing Street, Wikimedia commons.