Accelerating deployment of carbon capture and storage in the UK could secure around GBP40bn (US$48.7bn) of inward investment by 2030, a new study of the technology’s potential reveals. The Carbon Capture and Storage Association’s (CCSA) new Delivery Plan has examined the pipeline of potential projects across the United Kingdom to identify the economic opportunities available and threats to successful deployment.
Since the plan was last updated in March 2022, the number of carbon capture and storage (CCS) projects planned for the UK has grown from 55 to over 90, with enough schemes now in the pipeline to capture around 94Mta of CO2, up 29 per cent from 73Mt last year. To put that in context, that’s equivalent to more than a quarter of total UK emissions.
The projects would protect thousands of jobs in existing industries which currently emit lots of CO2, such as cement and steel and other manufacturing, and create many more in new green economy sectors, whilst making a huge contribution to meeting the UK’s 2050 net zero target.
However, the CCSA study published warns government support for CCS projects is behind schedule and there is not enough clarity on how the initial GBP20bn revenue support for the industrial clusters will be allocated. As many as one in three projects are considering relocating overseas to countries backing the technology more vigorously.
Ruth Herbert, Chief Executive of the Carbon Capture and Storage Association, said: “The UK has the opportunity to lead the next industrial revolution and be at the forefront of the global deployment of this essential technology, rather than import low carbon products made elsewhere. But there is a global race underway, so we have to speed up, secure these investments and create the clean industries of the future here in the UK.”
