A new report from Summit Power claims that the return on investment in carbon capture and storage (CCS) could be as much as £5 in every £1 spent.
Welcomed by the Carbon Capture and Storage Association (CCSA), the study outlines the benefits of CCS to multiple sectors such as industry, power, heat and transport.
Summit’s research specifically highlights areas in which CCS sites have been proposed, such as the St Fergus Acorn project, the Caledonia Clean Energy Project, and the Teesside Collective Projects.
The report also claims how integral CCS could be to the UK’s industrial strategy, sustainable regions and long-term industrial future.
Dr. Luke Warren, chief executive of the CCSA, commented: “This report is one of the most detailed cost benefit analysis of CCS carried out in the UK. The numbers – benefits of £163 billion versus costs of £34 billion – are staggering, and highlight the real value of CCS to the entire economy.
“The benefits of CCS to multiple sectors such as industry, power, heat and transport demonstrate that CCS is integral to meeting the goals of the UK’s industrial strategy, delivering sustainable regions and places that ensure a long-term future for vital industries.
“The value of CCS to the industrial regions of the UK is clearly understood and CCS projects have been proposed on the East Coast of England, Scotland and in the North West. It is critical that the Government sets out its new approach to developing CCS in the Clean Growth Plan in the next few weeks, and follows this up with concrete actions that enable these projects to proceed, otherwise we risk losing out on the benefits of this vital technology.”
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