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UK Government Reveals Strategy to Create Self-Sustaining Carbon Capture Market - ESGNA UK's 'CCUS Vision': Net-Zero Carbon Capture by 2050

UK Government Reveals Strategy to Create Self-Sustaining Carbon Capture Market

The UK Department for Energy Security and Net Zero made a significant announcement today. It released the publication titled ‘CCUS Vision’, detailing a strategic plan that positions the UK as an international front-runner in carbon capture, usage and storage (CCUS). This information was originally reported on ESG Today.

The well-defined roadmap includes boosting the CCUS in the UK to a minimum of 20 million tons (18.14 million metric tonnes) of CO2 by 2030. A secondary but significant aspect focuses on creating a competitive, self-sustaining CCUS market in the UK starting from 2035.

Carbon capture and storage forms a pivotal point in the UK’s strategy to attain net-zero emissions by 2050. This process is particularly necessary for industries like steel, cement, and chemicals, which are emission-intensive and challenging to decarbonize. In support of this initiative, an allocation of around $26 billion (originally £20 billion) was announced earlier this year for the early development of CCUS technologies.

Beyond industrial decarbonization, the ‘CCUS Vision’ emphasizes the unique opportunities the UK has due to its special geology, infrastructure, skills, and North Sea storage capacity. The potential storage ability is assessed at 78 billion tons (70.76 billion tonnes) of CO2, providing an opportunity for the UK to offer storage services to other nations. The master plan aims to stimulate the economy by an approximate $6.58 billion (originally £5 billion) per year by 2050.

Unveiling the new plan, Claire Coutinho, UK’s Energy Security Secretary, stated:

“Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies. That’s why we’re making one of the biggest funding commitments in Europe on carbon capture to cut emissions, unlock investment, create a plethora of jobs and grow the UK economy.”

The new strategy plots out the development of a CCUS market in the UK over three stages. These include ‘Market Creation’ up until 2030, calling for substantial government backing while setting up four storage clusters and developing carbon transport capacity. ‘Market Transition’ unfolds between 2030 and 2035, wherein a commercial and competitive market emerges, and costs decline due to maturation of CO2 transport networks and technological advancements which reduce government support needs. Finally, a ‘Self-sustaining market’ kicks off from 2035, wherein market conditions favor a self-supporting and competitive CCUS market.

Concurrent to the presentation of the ‘CCUS Vision’, the government also announced several updates on the advancement of its carbon storage clusters. This includes an agreement on preliminary commercial terms with the Northern Endurance Partnership (NEP) which is a CO2 transportation and storage company. This company was established to provide onshore and offshore infrastructure for the East Coast Cluster in Teesside and the Humber. It also intends to hasten the procedure to construct and identify suitable projects for two new clusters announced earlier this year.

While putting these updates in context, Lord Callanan, Energy Efficiency and Green Finance Minister, said:

“We need pragmatic answers to the carbon challenge. With our infrastructure, skills, and geology, the UK is in an excellent position to leverage game-changing carbon capture and storage technology. Today we’re publishing a blueprint to deliver a world-leading UK carbon capture industry, so that we have a competitive market in this promising new technology by the middle of the next decade.”

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