Representatives of the carbon capture, utilisation and storage (CCUS) industry have written to Chancellor Jeremy Hunt, urging him to seize the opportunity of carbon capture technology in the upcoming Budget.
The Carbon Capture and Storage Association (CCSA), Make UK, and the Global Infrastructure Investor Association (GIIA) highlight two key steps: finalising investment decisions on initial projects and clarifying future funding commitments to meet emission reduction targets.
CCSA Chief Executive Officer Ruth Herbert, Jon Phillips, of the GIIA, and Stephen Phipson, of Make UK, told Mr Hunt there was “still an opportunity for the UK to be a leader in this sector”.
But they said: “Without clarity on future revenue support now, given the six-seven year lead-in times for new CO2 storage sites, it is very likely that there will not be sufficient development of those sites ready to meet the known industrial demand from 2030 onwards.
“We need credible domestic deployment if we are to secure a share of the global supply chain.”
Make sure you check out the latest Net Hero Podcast episode:
