New research finds that the East Coast of the UK stands to reap huge benefits from the deployment of carbon capture and storage technology.
It is reported that benefits include:
- The creation and retention of more than 225 000 jobs.
- Societal and economic benefits of more than £160 billion.
- Capture and storage of 1500 million t of CO2.
Speaking to the release of a study of the UK East Coast CCS network, entitled “Clean Air – Clean Industry – Clean Growth: How carbon capture will boost the UK economy”, the Global CCS Institute, the world authority on CCS, said the research provides compelling data about the macroeconomics behind CCS and its ability to deliver a new energy economy in the UK.
Global CCS Institute Executive Adviser - Europe, John Scowcroft, said the research reaffirms the role which CCS technology can play in delivering economic, societal and climate benefits that are far-sighted and far-reaching.
“This report marks an important shift in focus, from an overly simplistic discussion about the ‘cost’ of CCS, to actually consider the socioeconomic value offered by investment in CCS infrastructure.”
“CCS is a well-tested and versatile technology which has been proven as essential to meeting international climate change commitments.” “This study provides data to support the need for rapid CCS acceleration. It makes the sustainable base case for CCS as a central pillar in a new energy economy.”
The study, led by low carbon power specialist, Summit Power, and supported by Industria Mundum, Pale Blue Dot and the University of Strathclyde, finds that the societal and economic benefits of deploying CCS in the region are valued at £163 billion – significantly outweighing the estimated CCS operating costs of £34 billion.
It also finds that CCS deployment would create massive new regional employment and investment opportunities, including an estimated 225,600 jobs (equivalent to £54 billion in goods and services), and environmental and health benefits valued at £5 billion.
Scowcroft says the research is especially timely in the run-up to the highly anticipated UK Growth Plan, which is expected to be delivered in a few weeks.
“This research will help inform policy discussions and decisions around CCS by providing the robust evidence that proves why CCS is a unique solution which is right for the time and right for the region.”
“It highlights the outstanding benefits which CCS can bring to industrial clusters along the East Coast especially Grangemouth and Teesside where CCS initiatives are already underway.”
CCS is the only technology capable of decarbonising the industrial sector – including the steel, cement, fertilizers, and petrochemicals sectors – at the same time as building the local economy and tackling climate change.
There are currently 17 operating CCS large-scale facilities around the world, with four new facilities poised to come onstream in the next 12 – 18 months.