The Chancellor of the Exchequer, Rishi Sunak, has recently presented the UK 2020 budget to the UK Parliament. The Global CCS Institute has welcomed the new funding commitment that was announced for the carbon capture and storage (CCS) project deployment and infrastructure.
The budget sees the establishment of a new CCS infrastructure fund of at least £800 million, aiming to support the development of at least two UK CCS sites. The first CCS site is to be build up by the mid-2020s, and the second to follow by 2030.
The UK government also announced that it plans to support at least one CCS gas power station by 2030 with the help of consumer subsidies.
In June 2019, the UK enshrined in law its ambition to reach net-zero carbon emissions by 2050. The country will also host COP26 later this year. The UK government see CCS as a key climate mitigation technology, supporting its efforts to decarbonise both industry and power generation as well as providing the option to deliver negative emissions at scale.
During his speech at the House of Commons, the Chancellor of the Exchequer said that once up and running, the planned CCS clusters supported by the new fund could create up to 6000 jobs in the northern region. Welcoming the new funding announcement and CCS ambition of the 2020 UK budget, Guloren Turan, General Manager for Advocacy and Communications, said: “This new funding signals that the UK government recognises the importance of CCS in decarbonising the industry, achieving its ambitious climate targets and creating clean growth opportunities for its economy. This funding will support efforts to accelerate CCS deployment to decarbonise major industrial hubs and clusters across the UK. The UK government has shown ambition and commitment while putting forward positive policy developments to deploy CCS at scale during the 2020s and 2030s. This can be seen notably in BEIS’ work and efforts around the development of new business models for CCS in the UK. The government has a unique opportunity to become a global leader in this field. This year’s COP26 will also be an opportunity to highlights its CCS efforts.”
Read the article online at: https://www.worldcoal.com/coal/12032020/global-ccs-institute-welcomes-new-ccs-funding-announced-in-uk-governments-2020-budget/