Decarbonisation developer Storegga has called for the UK Government to accelerate development of carbon capture and storage (CCS) technologies in response to a government consultation over the UK Emissions Trading Scheme (ETS).
To meet the UK’s net zero commitments, the development of direct air capture and storage (DACS) and other greenhouse gas removals (GGR) as part of the ETS is considered by Storegga be a necessary pathway.
By focusing on advancement of a climate repair industry, the UK could benefit economically through the creation of thousands of new jobs.
Through its partnership with DAC provider Carbon Engineering, Storegga is creating the UK’s first DACS plant, a project that has seen the carbon removal specialist sign agreements with companies such as Virgin Atlantic and Mitsui.
Europe’s first DACS plant of the scale planned in Aberdeen could support up to 3,500 construction and operation jobs in surrounding areas, helping to boost wealth in regions affected by the ongoing cost-of-living crisis.
To create a long-term market for a sector that is considered crucial to tackling climate change, the inclusion of GGRs in the ETS scheme could also attract early adopters willing and able to pay a higher price for permanent carbon dioxide (CO2) removal.
“Creating a climate repair industry in the UK will create wealth and support regions affected acutely by the cost-of-living crisis,” commented Sanjay Parekh, Head of DAC, Storegga.
“Championing the development of Europe’s first direct air capture and storage plant of the scale planned in Aberdeenshire could support thousands of jobs in a region which needs a long-term plan to transition jobs away from oil & gas.”
The Aberdeen project will also deliver 20% of the Government’s carbon removal target.
DACS could make up 50% (2.5 M/T (million tonnes) CO2 per year) of the UK government’s target to deploy at least 5 M/T per year of engineered CO2 removals by 2030 in its net-zero strategy.
In addition to removing current CO2 emissions, the technology could also pave the way for the removal of historic emissions and achieving net negative.
Development of the ETS scheme has the potential to ensure fossils fuels are reduced, holding emitters accountable to lowering carbon emissions.