With growing momentum across the UK’s carbon capture, utilisation and storage (CCUS) sector, the Carbon Capture and Storage Association (CCSA) has urged government to provide project certainty in the Spending Review.
Doing so, it explained, will mean the UK can make the most of CCUS’ potential to revitalise domestic manufacturing, drive regional growth, and create long-term clean energy jobs. It will mean further private investment can be unlocked and rapid supply chain scale-up realised, helping make the most of a supply chain industry worth as much as £2.5 billion by 2040 to the UK each year and £54 billion annually by 2050 worldwide.
However, these benefits can only be felt with a clear and sustained delivery allocation framework with funding – something the government can deliver through the Spending Review. While there are projects beginning to get up and running, these alone are not enough to build a sustained supply chain.
Specific asks from the CCSA include funding commitments for the next projects ready to deploy in Track-2 and Track-1 expansion; committing to a clear forward programme for carbon capture project allocation, providing confidence for investors and suppliers; and offering targeted financial support, helping UK manufacturers and service providers to scale up and transition through into CCUS delivery.
CCSA CEO, Olivia Powis, said: “The UK supply chain is ready to respond with the skills, innovation and capabilities needed to make UK CCUS a world-leading industry. But continued Government commitment and a pipeline of future projects is essential to ensure that domestic suppliers can compete, scale up and create lasting jobs across the country – otherwise we will see investors and this industry go overseas.”
