Harbour Energy recently issued a report setting out the significant economic benefits the Viking CCS CO2 transport and storage project can unlock in the Humber region – as regions position them as centres for carbon capture utilisation and storage (CCUS) following the announcement of new government funding this week.
With the Chancellor of the Exchequer, Jeremy Hunt, announcing £20bn of support in his Spring Budget, projects such as the Viking CCS carbon dioxide (CO2) transport and storage project in the Humber region are keen to secure funding that will turn their projects into reality.
The Viking CCS cluster aims to transform the Humber into the centre of the UK’s Net Zero economy. The project could unlock up to £7bn of investment across the full CO2 capture, transport and storage value chain from 2025 to 2035, providing an estimated £4bn of gross value add (GVA) to the region and creating up to 10,000 new jobs during construction.
Chancellor Hunt said the government’s £20bn programme of investment in CCUS would help create 50,000 jobs, capture up to 30 million tonnes of CO2 by 2030 and put the UK on its way to becoming “a science and technology superpower.”
The report underlines the pivotal role Viking CCS can play in decarbonising industry, promoting inward investment and attracting new industries. It also highlights how the project can help address the challenge faced by emitters beyond the Humber that have no access to carbon capture infrastructure, through the future development of both shipping and additional pipeline networks.
Graeme Davies, Harbour Energy’s Viking CCS Project Director, said: “Harbour Energy’s Viking CCS project is uniquely positioned to transform the Humber into the UK’s leading carbon capture and storage hub. Alongside our cluster members, we have a clear pathway to delivering one-third of the UK’s carbon capture target of up to 30 million tonnes by 2030. We encourage the UK Government to act swiftly and announce its plans for the Track-2 cluster sequencing process.”