Energy and Clean Growth Minister, Claire Perry, has announced the formation of a new Carbon Capture, Usage and Storage (CCUS) Advisory Group.
The Advisory Group will bring together experts to help develop the CCUS market in the UK. The group will include industry, finance and policy experts to help deliver the government’s CCUS action plan published in November.
Government and industry are working together to develop the cost structures, risk sharing arrangements and the necessary market mechanisms that will create the stable investment framework necessary to deliver the first CCUS projects by mid-2020s.
The announcement follows several positive government announcements made at the end of last year. In November (2018) the government published its CCUS plan which committed to delivering the first CCUS project by the mid-2020s.
A few weeks later Perry confirmed that £170m would go towards developing the world’s first net-zero cluster of heavy industry by 2040, with CCUS expected to play a key role.
“The UK will continue to thrive as a world leader in clean growth technologies like carbon capture through out ambitious modern Industrial Strategy. The new Advisory Group will help ensure that we take full advantage of the potential of this emerging industry, with a view to deploying the first CCUS facility in the UK from the mid-2020’s,” said Claire Perry, Energy and Clean Growth Minister, speaking at the CCUS council.
“Forming the CCUS Advisory Group is a great step forward, as the public and private sectors will now work together to develop a detailed commercial framework to underpin CCUS delivery in the UK. This is a key crucial initiative necessary to ensure the first projects are operations by the mid-2020s,” said Paul Davies, Chair of the CCUS Advisory Group.
“2019 needs to be the year of action on CCUS if we are to commission the first projects by the mid-2020s and deploy at scale in the 2030s. In the year when the government will consider how to achieve net zero emissions, all the evidence points to CCUS being essential if we are to have any hope of reaching the goals of the Paris Agreement,” said Luke Warren, Chief Executive of the Carbon Capture and Storage Association.
“The establishment of this new Advisory Group shows that government and industry are prepared to work together to make this happen, and the CCSA looks forward to supporting the government’s ambition of becoming a world leader in this crucial technology,” Warren concluded.
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