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The UK's first carbon capture and storage project is expected to be operational by the mid-2020s, according to the ministers.
A commitment to developing technology, which prevents greenhouse gases from entering the atmosphere, was taken before the summit in Edinburgh.
Research funds have also been announced for a carbon capture system in Aberdeenshire.
Carbon dioxide will be transported to storage sites under the North Sea.
Experts say that technology is an important tool in the fight against climate change.
The British government was criticized in 2015 after abandoning a £ 1 billion competition to develop carbon capture and storage.
The Peterhead power stations in Aberdeenshire and Drax in North Yorkshire were the finalists for this grant.
"New industry"
Energy and Clean Growth Minister Claire Perry said: "Today, at this historic summit, the United Kingdom defines one of the world's ambitions for the development and deployment of carbon capture and storage technologies to reduce emissions.
"This shows how committed all countries are to harnessing the potential of this revolutionary technology that brings together representatives from around the world here today in Edinburgh."
The Acorn project will capture approximately 200,000 tonnes of CO2 from the St Fergus gas terminal near Peterhead and transport it for storage in one of three exhaust gas fields using existing pipelines.
He will receive £ 175,000 from the British government, with matching funding from the Scottish Government and additional European funding.
In additional phases, the project could generate hydrogen from North Sea gas and store the carbon dioxide produced by the process as a by-product. Hydrogen could then be used to heat homes.
Existing onshore pipelines could also be used to transport CO2 from heavy industrial areas around Grangemouth.
Alan James, Project Manager, said: "This is a crucial and exciting step in the construction of the first large scale CO2 transport and storage infrastructure in the UK and we are pleased to have such strong support from governments and the industry for the work we do.
"Scotland can use existing oil and gas badets to generate environmental benefits by developing CO2 transport and storage solutions for other carbon capture and storage projects." on the east coast of the United Kingdom and in the future in Europe.
"With adequate support, Acorn CCS could be operational in the early 2020s, making a substantial contribution to the UK and European emission reduction targets and contributing to the creation of a commercially viable future for CCUS investments."
"Progress muted"
The UK government has announced that it will specify next year how it plans to develop the UK's first carbon capture, utilization and storage facility.
She announced that she would invest 20 million pounds in technology at industrial sites across the UK, including Teeside and Drax.
Dr. Fatih Birol of the International Energy Agency (IEA) said: "Without the CCUS in the solution, achieving our international climate goals is virtually impossible.
"The CCUS can also improve energy security and economic prosperity, yet so far, progress has been limited and, if it continues, the challenges we face in the energy sector will become infinitely larger.
Next week, world leaders will gather in Katowice, Poland, for the 24th United Nations Climate Conference, to discuss the implementation of the goals of the Paris Agreement.
The agreement commits countries to limit the rise in global temperature to "well below" 2 ° C and many view CCS as an important means of achieving this goal.
"The reason has disappeared"
Scottish Minister of Energy Paul Wheelhouse said: "We believe that Scotland is in a unique position to undertake this technology on an industrial scale.
"In addition, the ability to reuse the existing pipeline infrastructure infrastructure already in place in Scotland is the most cost-effective way of deploying the CUS."
Dr. Richard Dixon, director of Friends of the Earth in Scotland, said the two Scottish coal-fired power plants are now closed, "the main reason for the CSC in Scotland has disappeared".
He added: "Instead of pursuing something we do not need, the UK government should spend its money on renewable energy, energy efficiency and energy storage, all of which will immediately reduce carbon emissions.
"CSC could play a long-term role in the industry, but with the phasing out of fossil fuel cars and the repression of the plastic mountains we use, these carbon sources will decrease significantly over the next few years." decades. "
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