The Carbon Capture and Infrastructure Storage Fund | BEIS
- Aug 28, 2021 7:34 am GMT
The CIF represents £1bn of investment in CCUS in the UK and it is an important element of the government’s support of an emerging sector with significant potential. With greenhouse gas emissions being reduced by 40% between 1990 and 2018, the UK has already made significant progress in the effort to reduce CO₂ emissions4.
However, this progress must be accelerated if we are to meet our 2050 net zero commitment, and CCUS will be a significant contributor to that effort. Underlining this point, the CCC have stated that CCUS will be essential in reaching net zero emissions, advising that multiple CCUS clusters will need to be operational by the mid-2020s to enable the UK to meet our target5.
To enable the establishment of a new CCUS sector, we are seeking to develop CCUS clusters with T&S networks acting as the enabling infrastructure for a range of capture projects, including gas power plants, industry, low carbon hydrogen production, bioenergy, and direct air capture (DAC). The importance of CCUS in meeting the net zero target should not be underestimated, but the advantages of developing a self-sustaining CCUS industry in the UK extend beyond that. Our geography means that the UK has one of the largest CO₂ storage potentials of any country in the world. It is estimated that the UK Continental Shelf could safely store 78bn tonnes of CO₂, which is the equivalent of 200 years of the UK’s annual CO₂ emissions6.
This puts the UK in a good position to fulfil our climate commitments as we develop strategic national assets through our CO₂ T&S network. Economic benefits include: • Supporting the long-term competitiveness of UK industry and the economic transformation and levelling up of our industrial regions by supporting 50,000 jobs by 20307. • Offering economic opportunities for UK business. CCUS can help support markets for low carbon products such as clean steel, low carbon chemicals, low carbon cement and other industrial applications. • Supporting the development of, and UK leadership in, a globally significant technology - the international importation of CO₂ could be worth £14bn by 20508.
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