Equinor, in partnership with bp and TotalEnergies, have reached the final investment on two of the UK’s first carbon capture and storage (CCS) projects in Teesside; the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power).

The three companies are jointly working in NEP with aim to permanently store up to 4 million tons per year (mtpa) of carbon dioxide. Equinor and bp hold a 45% stake each while TotalEnergies holds the remaining 10%.

Meanwhile, Equinor and bp are cooperating on the Net Zero Teesside Power project, a 742-megawatt (MW) gas-fired power plant equipped with carbon capture technology. bp holds 75% interest in this project, while Equinor holds the remaining 25%.

“It is a major milestone to have agreed Final Investment Decision and financial close on two of the UK’s first carbon capture, transport and storage infrastructure projects,” said Irene Rummelhoff, executive vice president of Marketing, Midstream and Processing at Equinor.

Construction on the projects is scheduled to begin in 2025. The Net Zero Teesside Power project is expected to start delivering power to approximately one million homes by 2028.

Britain aims to reach net zero emissions by 2050, focusing on CCS projects to curb emissions from energy intensive industrial sectors.

According to Reuters, the government has committed up to 21.7 billion pounds for CCS projects, aiming to reinvigorate the country’s industrial regions and provide much needed investment and jobs.

“This investment launches a new era for clean energy in Britain – boosting energy security, backing industries and supporting thousands of highly skilled jobs in Teesside and the North East,” said Britain’s Energy Secretary Ed Miliband.

The investments are projected to directly support 2,000 jobs in northeast England, with tens of thousands more across the UK in the coming years. The companies also plan to award 4 billion pounds ($5.1 billion) in supply chain contracts.