Why CCS?
Economic importance
The government has committed to investing up to £1 billion to fund a CCS pilot plant in the UK, with a commitment to support a further three commercial-scale projects. This is the largest public funding contribution in the world to a single CCS project, ensuring that the UK will continue to lead the way on large-scale demonstration.
Countries that develop CCS early will enjoy a “first-mover advantage” and benefit from the export of skills and technology internationally. The huge contribution that CCS will make to global emissions reductions will result in the development of an enormous new industrial sector potentially worth trillions of dollars annually. Countries blessed with suitable storage capacity, such as the UK – as well as those that take the early steps to develop CCS – will have a unique opportunity to benefit from this emerging sector.
The UK is particularly well placed to take advantage of the economic opportunities provided by CCS. We have enormous storage potential under the North Sea-bed and the industry experience gained through oil and gas development in the North Sea means we have the skills to deliver and manage successful projects.
CCS could create 100,000 jobs across the UK by 2030, contributing £6.5 billion to the UK’s economy. If the UK is first to develop CCS, the industry could be as big as the North Sea industry, taking a significant share of a £5 trillion global CCS business by 2050. At the regional level, the construction of CCS pipelines and clusters will contribute to local prosperity and the longevity of regional industries such as steel, cement and chemical.
An oxycoal test unit. Courtesy of Doosan Babcock.
