The UK could attract around £40bn ($48.6bn) in investment for its economy by 2030 by accelerating the deployment of carbon capture and storage (CCS) technology, according to the Carbon Capture Storage Association (CCSA).
In its latest Delivery Plan, the CCSA explored the potential of the more than 90 CCS projects in the pipeline capable of capturing around 94m tonnes of carbon dioxide (CO2) annually – a 29% increase from last year.
The roll-out of these projects could safeguard existing jobs in CO2-intensive industries such as cement and steel, while creating new opportunities in green economy sectors.
Despite the UK Government’s £20bn ($24.3bn) pledge to support CCS deployment, the newly published CCSA warns that support is behind schedule and lacks clarity on how the funding will be allocated.
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