In an era where climate change is one of the most pressing global challenges, innovative companies are leading the charge towards a more sustainable future.
Storegga, a trailblazer in carbon capture and storage (CCS) technology, is at the forefront of this revolution, helping to reshape how industries address carbon emissions and environmental impact.
We sat down with Tim Stedman, the CEO of Storegga, to discuss the company’s groundbreaking work in the energy transition, the role of CCS and hydrogen in achieving net-zero goals, and what the future holds for this rapidly evolving industry.
How does Storegga balance the need for rapid deployment of CCS and hydrogen solutions with the long-term sustainability and scalability of these technologies?
Our ambition is to set the pace of industrial decarbonisation. We understand that while market forces will dictate the pace of deployment, we can leverage our deep expertise to find the right solutions for our customers.
By operating a customer-centric approach, we are able to build pragmatic solutions that deliver sensible scalability, in line with our customers’ needs and requirements.
We believe that clear and consistent government policy on CCS and Hydrogen is vital to help create a regulatory framework that encourages patient capital and responsible growth, ensuring both short-term impact and long-term viability.
What are the biggest challenges you foresee in scaling up CCS and hydrogen infrastructure in the UK and globally, and how is Storegga addressing them?
Clear, long-term policy support is crucial for establishing CCS and Hydrogen infrastructure that would deliver jobs, investment, and a cleaner, more competitive economy for the UK.
We strongly encourage cross-border coordination with our closest political and economic partners for efficient and collaborative growth. To address these issues, we believe that governments should signal their commitment to streamlining regulation and which can support investor confidence.
How does Storegga view its role in the broader energy transition, and what partnerships are crucial to achieving your goals?
Storegga acts as a project architect—advising, planning, and initiating multi-partner solutions tailored to the unique needs of each industry and geography. We focus on effective and pragmatic solutions for industrial emitters, the experts throughout our business are united by a shared mission to solve complex challenges and deliver industrial decarbonisation.
How does Storegga ensure the long-term safety and integrity of its carbon storage sites?
Long-term safety and store integrity are foundational to our operations. We ensure that we are meeting, and even exceeding, the safety regulations of each country in which we operate.
Risk assessment is a crucial preliminary step of understanding store integrity. These risks are then managed in how we place wells, and how much CO₂ we inject into them, thus providing confidence that we are managing integrity – this is known as a Containment Risk Assessment and is a key part of our ongoing interaction with regulators.
How does Storegga approach the monitoring and verification of stored CO2, and what are the key metrics you use to assess success?
Monitoring and verification of the store is a critical and constant process that takes place across our operations. We tailor our approach to ensure key risks are mitigated while maintaining flexibility to address any potential issues.
Monitoring can take many forms, including seismic surveys, seabed monitoring, and wellbore measurements. Storegga is actively involved in industry technology advancements in this area.
What policy changes or incentives are most needed to accelerate the deployment of CCS and hydrogen technologies?
Looking at our home market, the UK has already done important work in developing the Regulated Asset Base (RAB) model, which is now being looked at by other countries as a blueprint for scaling up CCS.
The RAB model has been recognised as a bankable framework that can unlock private sector investment at lower costs to consumers, providing long-term revenue certainty for investors. Yet, while other nations move swiftly to implement it, the UK risks losing momentum.
If the UK does not act now, it risks forfeiting its leadership position in this rapidly expanding global industry.
How does Storegga work to build public trust and acceptance of CCS technologies?
Trust and acceptance are built through education. When people understand CCS and its ability to deliver decarbonisation in a safe and reliable manner, we find that individuals and groups are more accepting of the need for CCS technology.
Beyond our own efforts, we echo the findings of governmental agencies and organisations that are producing rigorous and detailed analysis on the strategies to address anthropogenic climate change. Notably, the UK’s Climate Change Committee’s Seventh Carbon Budget Report recently stated that for the UK’s hard-to-decarbonise sectors, there is no route to Net Zero that does not include CCS. The Climate Change Committee’s report complements the findings of The Intergovernmental Panel on Climate Change (IPCC, 2023) which stated that CCS is essential in all pathways to a Net Zero future.
Looking ahead 5-10 years, what are the key milestones Storegga aims to achieve in the energy transition?
In the near-term we remain laser-focused on reaching FID on several of our global CCS and Hydrogen projects. We will maintain a disciplined approach to capital allocation, ensuring we are prioritising the most viable projects that will help our customers accelerate their plans for industrial decarbonisation.
In the long-term, we will seek to deepen our partnerships with industrial emitters across a range of industries and continue setting the pace for industrial decarbonisation across the world.
We are, and will continue to be, driven by the desire to deliver effective and pragmatic decarbonisation solutions that make commercial, industrial, and climate sense.
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