CCS is where the big money will be in the next 10 years8 Apr 2024 16:24
Its a medium term game we are playing
Press release
New vision to create competitive carbon capture market follows unprecedented £20 billion investment
Government sets out plans for a new competitive UK carbon capture, usage and storage market by 2035 - delivering new jobs and supporting net zero.
From:
Department for Energy Security and Net Zero, The Rt Hon Claire Coutinho MP, and Lord Callanan
Published
20 December 2023
CCUS Vision sets out plans for new competitive market in Carbon Capture, Usage and Storage (CCUS) by 2035 – to unlock investment and drive economic growth, adding £5 billion to the economy by 2050
long-term decisions to achieve this include outlining a timeline to establish a new CCUS market and using competition to drive lower costs for industry
potential to store the carbon equivalent of taking 6 million cars off the road – and support 50,000 jobs by 2030
Green boost for the UK economy as Energy Secretary sets out plan to make the UK a global market for Carbon Capture, Usage and Storage.
The plan – named the CCUS Vision – sets out how the UK will transition from early projects backed by government support to becoming a competitive market in this area by 2035, meaning UK companies will compete to build carbon capture facilities and sell their services to the world.
This is expected to boost the economy by £5 billion a year by 2050 – making the UK a pioneer in this technology while meeting its net zero commitments in a reasonable way that eases the financial burden on taxpayers.
Carbon capture works by capturing carbon dioxide (CO2) before it reaches the atmosphere and storing it safely underground – filling the spaces left by oil and gas extraction. The UK holds a strategic advantage compared to other countries thanks to its unique geology, skills and infrastructure as an island nation. It also offers enough space under the North Sea for up to 78 billion tonnes of CO2.
This is the latest step to develop CCUS technologies - which aim to store 20-30 million tonnes of CO2 per year by 2030 and support 50,000 jobs by 2030 - backed by up to £20 billion of investment.
It comes as the Department launches the process for more companies to connect to and expand the HyNet Cluster in the North-West and Wales – delivering further jobs and investment in the region.
Energy Security Secretary Claire Coutinho said:
Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies.
That is why we’re making one of the biggest funding commitments in Europe on carbon capture that will cut emissions from our atmosphere, while unlocking investment, creating tens of thousands of jobs and growing the UK economy.
Energy Efficiency and Green Finance Minister Lord Callanan said:
We need pragmatic answers to the carbon challenge, and with our infrastructure, skills and
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