The UK government announced on December 20th its new vision to create a carbon capture market by 2035. The plan called the CCUS Vision sets out a new competitive UK carbon capture, usage and storage market by 2035 with the aim to deliver new jobs and support the country’s net zero goal. It will see an unprecedented investment of £20 billion ($25 billion) towards its implementation.
The vision aims to facilitate the goal of storing 20-30 million metric tons of CO2 per year by 2030 and support 50,000 jobs by 2030. It is expected to boost the economy by £5 billion (~$6.3 billion) a year by 2050. The investment that follows the plan also wants to make the UK a global leader in this sector.
Some of the measures included in the CCUS Vision to fulfill its promise are:
- moving to a competitive allocation process for carbon capture projects from 2027 to speed up the building of the UK’s CCUS sector;
- creating the conditions for projects that cannot transport CO2 by pipeline to enter the market from 2025 onwards, using other forms of transport such as ship, road and rail;
- establishing a working group led by industry to identify and adopt solutions to reduce the cost of capturing CO2.
“We welcome the CCUS Vision published today, setting out a long-term strategy for the UK’s CCUS industry to be able to store over 50Mt a year by 2035 to support the decarbonisation of domestic industries and take advantage of export opportunities,” said Ruth Herbert, CEO of Carbon Capture and Storage Association.
“Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies… That is why we’re making one of the biggest funding commitments in Europe on carbon capture that will cut emissions from our atmosphere, while unlocking investment, creating tens of thousands of jobs and growing the UK economy,” said Energy Security Secretary Claire Coutinho.