If the UK Government wants to retain industry, it must develop funding mechanisms for CCS as a top-up to the carbon price, according to a new report from Scottish Carbon Capture and Storage (SCCS). Currently, industrial emitters can decarbonise at a low capture cost, but that still outweighs the current carbon price.
The report also called for a CO2 collection and storage hub in Scotland to serve both the UK and Europe, providing access to extensive storage in the Central North Sea at low financial risk. This could be linked to a local Low Carbon Zone, which would provide industrial emitters with access to CO2 transport and storage facilities.
The report recommended that future gas-fired power generation needs to be “genuinely CCS-ready”, with siting decisions taking into account the transportation of captured CO2 to storage sites.
Professor Stuart Haszeldine, SCCS Director, said: “We must never lose sight of our ultimate goal – a zero carbon future for the UK as part of international efforts to contain global warming. We welcome the UK Energy Secretary’s recent commitment to tightening climate law to enable this ambition, but these good intentions will hit a significant problem if we delay the deployment of CCS any further. The stark reality is that net zero carbon is unachievable without CCS.
“In the UK, we have an enviable set of unique offshore assets that, if used now rather than decommissioned, will deliver a least-cost pathway to a competitive, low-carbon economy. Any delay risks creating a considerable burden for UK taxpayers further down the line, as well missing the opportunity to build a homegrown CCS industry that can support the climate actions of other countries.
Download the full report: Achieving a low-carbon society: CCS expertise and opportunity in the UKRead more:
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