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UK carbon capture sector expects to invest £ 41 billion by 2030

UK capital investment in carbon capture and storage (CCUS) projects could reach £ 41 billion by the end of the decade, expediting a strong domestic supply chain that can support UK employment and economic growth It opens up great opportunities for development. Today’s industry report claims.

The Carbon Capture and Storage Association (CCSA) has responded to UK climate goals, including the recently adopted goal of reducing emissions by 78% for spending on CCUS infrastructure, including hydrogen production and greenhouse gas removal projects. He said that it is expected to increase rapidly in the next 10 years. By 2035 against the 1990 level.

According to a report released today, industry groups estimate that CCUS investment in the UK could reach £ 41 billion by 2030, but a strategy to support domestic companies has made the UK domestic. You can also develop a supply chain that supports the local production of work and related products. Goods.

The strong domestic supply chain of the CCUS industry will bring significant benefits to the regional economy of the UK’s industrial center. In the UK’s industrial center, a number of zero-carbon cluster projects are currently being pursued, bringing together heavy industry, CCUS, and hydrogen production sites.

Olivia Powis, head of CCSA’s UK office, said it would take advantage of the opportunity to build a domestic carbon capture supply chain to promote UK prosperity and support the government’s “upgrade” agenda.

In addition, she said she would unleash significant market opportunities for British companies in the global CCUS market, which is estimated to be worth hundreds of billions of pounds by the middle of the century.

“With its geographical advantage and world-leading skills and expertise, the UK has a unique opportunity to become a global leader in the development of CCUS,” she said. “The next decade will be critical to the deployment of CCUS, and by implementing the recommendations of today’s report, we have the opportunity to build a strong UK supply chain and bring significant employment and growth in the country. “

According to the report, about 85% of the estimated £ 41 billion spending over the next decade will be concentrated on onshore power generation, industrial capture and hydrogen production plants.

High-carbon industries and industrial cluster regions also report that they need new skills to develop and operate CCUS projects, emphasizing the need to retrain existing workers and attract new talent to the sector. The book insists.

As such, the report sets requirements for equipment, materials, technology, staffing, and skills for the next decade for the fast-growing CCUS industry and companies involved in the development of net-zero industrial clusters for future transformation. We encourage you to develop a strategy that outlines how to prepare. ..

The trade association itself said it would provide a comprehensive assessment of the industry’s current and future capabilities, technical excellence, and cost-effectiveness to “avoid future bottlenecks” in the development pipeline.

In addition, CCSA said operators in this sector need to coordinate with each other as closely as the government to ensure the smooth and effective delivery of a strong domestic supply chain.

The report was released earlier this week when CCSA nominated a new CEO and announced on Wednesday that Ruth Herbert was appointed to take over the reins of industry groups from October 2021.

Herbert, who is currently the director of strategy and development for a low-carbon contractor that manages the clean power subsidy scheme for government contracts for difference, boasts extensive experience in UK energy policy. Her previous roles included several positions in the government’s Department of Energy and Climate Change (DECC), where she worked on electricity market reforms, the 2010-11 Energy Bill, and carbon recovery policies. CCSA said.

“I am very pleased to be able to participate in CCSA at such an important time,” Herbert said. “CCUS is an important solution for achieving net zero across the economy. Working with the CCSA team and its members to build this important industry and successfully achieve the CCUS program to meet UK climate goals. I’m looking forward to letting you. “

https://www.businessgreen.com/news/4034823/uk-carbon-capture-sector-eyes-gbp41bn-investment-2030 UK carbon capture sector expects to invest £ 41 billion by 2030

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