The UK has awarded its first round of 20 carbon storage licenses to 12 different companies.
This move is a step on the nation’s trajectory to reach net-zero goals and comes weeks after the government’s decision to invest a radical £20 billion in carbon capture and storage (CCS) projects across the country.
The first round of storage licenses are for sites with an estimated capacity to hold as much as 10% of the UK’s total annual emissions, according to officials.
Hence, as director of new ventures at the North Sea Transition Authority (NSTA) Andy Brooks shared, up to 100 storage sites in total will be needed in order for the country to meet its net zero target by 2050.
And nearly half of the sites, which are expected to become operational within the next six years, are located off the Lincolnshire coast, which clearly indicates the region’s importance in the future of carbon capture in the UK.
The remaining 11 licenses are for storage sites near Liverpool, Teesside and Aberdeen.
“These new licenses… will develop our most comprehensive picture yet of the UK’s carbon capture and storage potential,” said Lord Callanan, Minister for Energy Efficiency and Green Finance.