Plans to create a new UK-based international carbon capture and storage market have moved forward today with the launch of a new Carbon Capture, Usage and Storage Vision by the UK Government.
The announcement takes the UK a step closer to net zero and will also bring investment into a new industry which will ultimately create 50,000 new jobs, says Offshore Energies UK.
The UK Government CCUS Vision published today comes as it also announces further measures to progress the two leading projects, Hynet in North West England, and the East Coast Cluster on Teesside.
CCUS has been recognised as a critical technology to help energy intensive sectors, like cement and power generation, meet their net zero goals.
Carbon capture along with hydrogen and wind energy production, are vital key components of the UK’s transition to net zero, with the UK Government saying the country will need to capture 50m tonnes of C02 a year by 2035.
OEUK today said the announcement will boost investor confidence in the UK’s emerging carbon capture and storage market.
Further projects – Viking around Humberside on the East Coast and Acorn at Peterhead in Scotland are in development with all four expected to be up and running by 2030.
These clusters will provide the infrastructure required for the large-scale transportation and storage of up to 30mn tonnes of CO2 by the end of the decade. The first wave of industrial emitter projects have already been selected to provide the carbon that will be stored offshore.
As the industry develops, a commercial market will emerge and CO2 emitting industries with binding net zero targets will require their CO2 to be captured and stored.
OEUK sustainability and policy director Mike Tholen said:
“We end 2023 with a vision of where we want to go, a plan for how to get there, and projects already in motion which could create 50,000 UK jobs in the coming years.
“The UK is on the brink of a transformation that will allow us to provide carbon capture and storage facilities to industry here and to help our European neighbours. This is good news for tackling climate change and for boosting the UK economy.”
Notes to editors:
Issued by the Communications Team, OEUK. Contact [email protected]
Offshore Energies UK is the leading trade body for the UK’s offshore energies industry. Its membership includes over 400 organisations with an interest in offshore oil, gas, carbon capture and storage, hydrogen, and offshore wind. Working together with its members, it is a driving force supporting the UK in ensuring security of energy supply while helping to meet its net zero ambitions.