We welcome the CCUS Vision published today, setting out a long-term strategy for the UK’s CCUS industry to be able to store over 50Mt a year by 2035 to support the decarbonisation of domestic industries and take advantage of export opportunities. Ruth Herbert, CEO, Carbon Capture and Storage Association said: Today we’re publishing a blueprint to deliver a world-leading UK carbon capture industry, so that we have a competitive market in this exciting new technology by the middle of the next decade.īacked by an unprecedented £20 billion investment, this is also a pivotal milestone in our journey to net zero that will drive economic growth, unlock investment and create tens of thousands of jobs in our industrial heartlands. We need pragmatic answers to the carbon challenge, and with our infrastructure, skills and geology, the UK is in pole position to take advantage of game-changing carbon capture and storage technology. 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.Įnergy Efficiency and Green Finance Minister Lord Callanan said: Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies. 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.Įnergy Security Secretary Claire Coutinho said: 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 also offers enough space under the North Sea for up to 78 billion tonnes of CO2. The UK holds a strategic advantage compared to other countries thanks to its unique geology, skills and infrastructure as an island nation. 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.Ĭarbon 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 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. 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. potential to store the carbon equivalent of taking 6 million cars off the road – and support 50,000 jobs by 2030.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. 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.
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