OGCI has unveiled a new online tool designed to evaluate the socio-economic benefits of carbon capture, utilization, and storage (CCUS) projects in the UK.
This innovative tool provides insights into the potential impact of CCUS initiatives on employment and Gross Value Added (GVA) to the UK economy.
The CCUS Value Tool employs a standardized methodology that incorporates regional, technological, and sector-specific factors to deliver accurate and up-to-date assessments.
It builds upon the framework of the UK Jobs and Economic Development Impacts (UK-JEDI) model, which estimates the broader economic impact of various energy technology projects across the UK.
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UK-JEDI covers a wide range of energy systems, encompassing power generation technologies such as nuclear, solar PV, bioenergy with carbon capture and storage (BECCS), onshore and offshore wind, as well as energy storage solutions like batteries and hydro.
Additionally, it addresses abatement technologies for key industrial sectors including cement production, iron and steel plants, and refineries.
The tool also accounts for low-carbon fuel production pathways, including green and blue hydrogen, bioethanol, biodiesel, and biomass gasification.
The CCUS Value Tool has already been successfully applied to numerous case studies, providing valuable insights into the socio-economic implications of the net zero transition, including industry contributions to the UK economy and the potential for job creation.
