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New vision to create competitive carbon capture market follows unprecedented £20 billion investment
CCS
Green boost for the UK economy as Energy Secretary sets out plan to make the UK a global market for Carbon Capture, Usage and Storage.
The plan – named the CCUS Vision – sets out how the UK will transition from early projects backed by government support to becoming a competitive market in this area by 2035, meaning UK companies will compete to build carbon capture facilities and sell their services to the world.
This is expected to boost the economy by £5 billion a year by 2050 – making the UK a pioneer in this technology while meeting its net zero commitments in a reasonable way that eases the financial burden on taxpayers.
Carbon capture works by capturing carbon dioxide (CO2) before it reaches the atmosphere and storing it safely underground – filling the spaces left by oil and gas extraction. The UK holds a strategic advantage compared to other countries thanks to its unique geology, skills and infrastructure as an island nation. It also offers enough space under the North Sea for up to 78 billion tonnes of CO2.
New vision to create competitive carbon capture market follows unprecedented £20 billion investment
Government sets out plans for a new competitive UK carbon capture, usage and storage market by 2035 - delivering new jobs and supporting net zero.
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