The report claims that the UK will need up to £20bn a year in investment to build a net-zero carbon economy.

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The UK will invest billions of pounds every year to take off enough greenhouse gases from the air to reach its 2050 climate targets, according to a report which is commissioned by the government.

The report, by analysts at Vivid Economics, estimated that removing up to 130m tonnes of carbon dioxide from the air would swallow almost £20bn a year.
This will play a very important part in making up for industries, consist of aviation, agriculture and heavy industry as the UK works to create a net-zero carbon economy in the coming decades.

The report said that even if emissions were reduced across the economy, the UK was expected to continue to emit a significant amount of greenhouse gases annually. The rate of rollout would need to be rapid, particularly in the 2030s and 2040s, and would require significant policy support.

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The report has encouraged ministers to support investment in greenhouse gas removal which means giving new subsidies and grants for carbon capture technologies and projects, or requiring that companies that provide fossil fuels and agriculture products offset a proportion of their carbon emissions through the investment in greenhouse gas removal.

A spokesman for the Department for Business, Energy and Industrial Strategy said that that report presented a variety of different options for consideration, and they would look closely at its findings. They recognized the importance and urgency of taking action right across the economy to deliver on their world-leading net-zero target, including by developing their approach to greenhouse gas removal technology.

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Averagely, the report estimates that the UK perhaps need from £1bn to £2bn a year in 2030 aimed at removing greenhouse gas emissions from the air, rising to between £6bn and £20bn by 2050.

The costliest projects would include technology that would be able to absorb carbon dioxide from the air. This could remove almost 25m tonnes of carbon dioxide from the atmosphere annually at a price between £160 and £470 a tonne.

The cheapest choices involve giving back natural habits, which would be able to absorb about 5m tonnes of carbon from the air annually at a price between £8 and £78 a tonne.