The CCS Association Considers UK’s Potential to Draw USD 48.6 bn Investment by 2030 if it Amps up CCS Technology

The Carbon Capture Storage Association (CCSA) posits that the UK could potentially draw an investment of approximately £40bn ($48.6bn) by 2030 if it amplifies its adoption of carbon capture and storage (CCS) technology. The CCSA's most recent Delivery Plan delves into over 90 forthcoming CCS initiatives that might capture nearly 94m tonnes of CO2 yearly, marking a significant uptick from the preceding year. Such projects could act as bulwarks for existing roles in CO2-centric sectors like steel and cement, simultaneously seeding new avenues in eco-friendly domains.

Though the UK government has earmarked a substantial £20bn ($24.3bn) for promoting CCS technology, the CCSA has expressed reservations about the tardiness and ambiguity surrounding the deployment of these funds. Ruth Herbert, the CCSA’s Chief Executive, lauded the advancements in CCUS technology but emphasized the need for a more robust action plan to attract major direct investments. Such investments are anticipated not just to incubate new employment opportunities but also to sustain the current workforce.

However, the CCSA's critique doesn't end there. It highlighted the likelihood of one-third of the UK’s CCS projects considering a shift to nations more ardently endorsing the technology.

To expedite the nationwide adoption of carbon capture mechanisms, the CCSA delineated five pivotal demands from the government. These encompass timely cluster implementation, unveiling a transparent CCUS deployment strategy, speeding up permitting processes, ensuring a robust supply chain and trained manpower, and nurturing public endorsement.

Reiterating the urgency, Herbert mentioned the UK's potential to pioneer the upcoming industrial renaissance by capitalizing on this game-changing technology. However, to realize this ambition, the UK must act swiftly. The country's roadmap towards a carbon-neutral future sketches out its aspiration to serve as Europe's CO2 storage hub. In tandem with the £20bn commitment, additional funds have been allocated to spur the genesis of CCUS and allied technologies. This roadmap underscores the vast CO2 storage capability of the UK continental shelf, emphasizing the nation's stature as a pivotal player in Europe's green transition.

According to the article by Procurement Resource, the Carbon Capture Storage Association (CCSA) suggests that the UK can attract £40bn ($48.6bn) in investments by 2030 by intensifying its carbon capture and storage (CCS) efforts. The recent Delivery Plan identifies over 90 impending CCS projects capable of capturing 94m tonnes of CO2 annually. Although the UK government designated £20bn ($24.3bn) for CCS, deployment delays have raised concerns.

Ruth Herbert, the CCSA’s CEO, stresses swift action to secure these investments and preserve jobs. The CCSA also warned that a third of UK's CCS projects might migrate to more supportive countries and outlined five key government actions to expedite CCS adoption. The UK aims to become Europe's CO2 storage hub, emphasizing its vital role in the green shift.