Government’s Vision for a Competitive CCS Sector
The UK government has unveiled an ambitious plan to establish the country as a global leader in the carbon capture and storage (CCS) sector. Focused on creating a competitive market, the initiative aims to position the UK at the forefront of emissions sequestration by the mid-2020s.
Strategic Commitments and Funding Allocations
With prior commitments, including deploying four CCS clusters by 2030 and allocating £20 billion in state funding, the government emphasizes the nation’s unique advantages for leading in carbon capture technologies. The policy blueprint is designed to instill investor confidence and address concerns that have impeded project sanctioning.
Targeted Carbon Capture Capacity and Market Transition
The development plan outlines the establishment of a capture market with a target of 20 million to 30 million tonnes of carbon dioxide capture capacity by 2030. As the industry matures, a transition to a commercial market is envisioned, where industries with net-zero targets will seek third-party CCS solutions, diminishing the government’s role.
Source：upstreamonline.com
