Storegga is an independent developer of low-carbon solutions including industrial carbon capture and storage, which are essential for the UK to meet its net zero commitment and provide a solution to help decarbonise industry in the rest of the UK and abroad through shipping CO₂ to Peterhead for permanent storage under the North Sea.

The North East project has now entered the Track-2 process, which entails detailed negotiations with government and continuing to develop the infrastructure needed to support decarbonisation in Scotland, generating jobs in the region and ensuring tangible progress towards achieving the UK’s climate change targets.

Stephen Paterson, acting chief executive of Peterhead Port Authority, said: “We were honoured to host a visit by Andrew Bailey, governor of the Bank of England, along with senior economist, Martin Seneca, and Agent for Scotland, William Dowson.

“They were joined by the board and senior management team of Storegga to share information on the plans for carbon capture and storage in North East Scotland.”

Nick Cooper, chief executive of Storegga, said: “It was wonderful to have the opportunity to share an overview of our work in North East Scotland with governor Bailey, Mr Seneca and Mr Dowson.

“We’re heartened that these innovative technologies are being treated with an importance that will inject new momentum into the fight against climate change and supporting a greener economy.

“We’re pleased to be moving along in the Track-2 process, and look forward to working with government to deliver the benefits of job creation and upskilling, inward investment, fostering innovation in new technologies, and most importantly, decarbonising both Scotland and the UK.”