Carbon capture projects including Acorn in Aberdeenshire face collapse unless Rachel Reeves finds £4billion to support the technology in tomorrow's spending review.
MPs and MSPs from Labour, the Liberal Democrats, SNP and Conservatives have joined forces with Aberdeen & Grampian Chamber of Commerce to back Acorn, which will bring £7billion of private investment to the Buchan coast.
However, The Reform Party - which is hoping for electoral success in the region at next year's Scottish election - has aligned itself with the Green Party and called for Acorn to be scrapped, despite the prediction it will create 15,000 new jobs in the energy transition.
Olivia Powis, the chief executive of the Carbon Capture and Storage Association, has told the Telegraph that the fledgling technology must receive support from the Chancellor tomorrow.
It wants the money to expand the two carbon-capture projects already approved by Mr Miliband, the Energy Secretary, and to kick-start two more, including one in Scotland.
Ms Powis said there was a “critical need” for further funding commitments from the Government. She warned that, without the extra cash, even the two schemes approved by Mr Miliband may never go ahead.
She added: “The UK supply chain is ready to respond with the skills, innovation and capabilities needed to make UK carbon capture a world-leading industry."
Projects backed by the Government so far include the HyNet scheme in Merseyside and Net Zero Teesside, for which contracts were signed last year.
The industry wants cash to expand those projects and add another two: the Acorn project and the Viking project based in the Humber.
Mr Powis said: “We estimate this new industry will create 50,000 new highly skilled jobs and retain another 50,000 jobs in existing industries like steel.
“It will contribute to new industries like sustainable aviation fuels, and generate a cumulative £94billion in value for the economy by 2050.”
But Richard Tice, the deputy leader of Reform UK, said the policy would add to consumer bills and do little for the environment.
He said: “We should scrap this technology. This is an outrageous demands for unproven technology that will make zero difference to climate change. Even the Greens reject it.”
In an open letter to the Chancellor, elected representatives from across Scotland called for the project to be progressed as an immediate priority – with huge potential to unlock £7billion in private investment and