The Carbon Capture and Storage Association (CCSA) published a report in July that estimated 50,000 new jobs created in the UK on the scaling up of carbon capture utilization and storage technologies over the next decade.
The report was compiled by global economics consultancy firm Cambridge Econometrics and engineering and consulting company Afry, focused on the energy transition. The carbon capture opportunities explored in the paper are based on the UK government’s Ten Point Plan and the Climate Change Committee’s (CCC) Sixth Carbon Budget.
Carbon Capture Utilization And Storage Opportunities
The Six Carbon Budget plan is the more ambitious out of the two and sees 10,000 new carbon capture and storage jobs created by the mid-2020s. Early deployment of carbon capture and storage would also translate into new export opportunities.
A potential of 50,000 jobs could be on the map, including the ones safeguarded in carbon-intensive industries at risk during the low-carbon transition like iron, steel, cement, chemicals, and refining. Around 22 million tons of CO2 per year would also be captured following the CCC plan.
It confirms that all decarbonization scenarios should include CCUS as a climate change solution. However, public funds of £ 1.2 billion – £ 2.6 billion ($1.65 billion – $3.58 billion) would be needed up front for the implementation of the solution.
A different report by the Element Energy consultancy commissioned by Storrega discovered that the Acorn CCS hub in Scotland could support an average of 15,100 jobs between 2022-2050. The number is divided between 6,200 direct jobs and 8,900 in the wider supply chain.
The CCSA findings add up to the conclusion that carbon capture utilization and storage is not only important for the UK’s meeting its net zero target by 2050 but also would spur economic growth opening up thousands of new roles on the island. Early deployment of CCUS would also play out the country’s leadership position in new green technology.