Leading trade body Offshore Energies UK today comments on the National Audit Office’s latest Carbon Capture, Use and Storage (CCUS) report.
As shown by work just commissioned by OEUK from independent consultants AFRY, carbon capture will play a key role in decarbonising the power sector by providing low carbon power that will complement a renewables-based electricity system.
OEUK represents over 400 organisations involved in energy production from the seas around the Britain’s coast. Its members include gas, oil, wind, hydrogen and carbon capture specialists and a significant supply chain supporting projects across the sector.
Enrique Cornejo, OEUK’s Head of Energy Policy, says:
“Carbon capture technology is essential for the UK to get to net zero and achieve a homegrown energy transition. But the firms investing in it need to be set up for success. This report shows that significant progress has been made to kickstart the sector, but now companies urgently need the new government to enable the Final Investment Decision for Track 1 carbon capture projects so private investment can be unlocked.
“In the right investment environment, firms are ready to deploy the money this new Great British industry needs. We have a once in a lifetime opportunity to become a global leader in carbon capture technology by capitalising our significant CO2 storage potential offshore and the highly transferable capabilities of our oil and gas sector.
“The economic benefits of investing in carbon capture are clear. Government support to build the early infrastructure will help protect thousands of existing jobs in industries that have no viable decarbonisation alternative, create new markets for low carbon goods and provide billions of pounds of work for our energy supply chains.”
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