The head of carbon capture developer Storegga says the UK is “sitting on an opportunity” to capitalise on its expertise and resources in deploying CCS.
It comes as UK sector trade body, the Carbon Capture and Storage Association (CCSA), published its “CCUS Delivery Plan 2035”, which sets out a recommended pathway to deliver the Government’s Net Zero Strategy ambition of storing 50 million tonnes of carbon dioxide per year by 2035.
The report includes ten critical actions that must be prioritised by Government, industry and wider stakeholders in the next 12 months to enable scaling up of the UK industry in line with this ambition.
In the report, the CCSA said that “all the major projects currently under consideration” must be built, as well as “rapid” development of CO2 shipping and pipeline infrastructure, if the 2035 target is to be met.
Responding to the report in a LinkedIn post, Nick Cooper, chief executive of CCS developer Storegga wrote: “In four words, we can summarise the UK position on carbon capture: get on with it!”
Mr Cooper said that while the UK has a “head start” on CCS in terms of knowledge and skills, “we have not unleashed our potential quickly enough and other countries are now catching up and overtaking.”
He pointed to the US and Saudi Arabia as examples of countries embracing the technology as they move away from oil and gas, adding that “many more are following suit.”
“The UK is sitting on an opportunity to reinvigorate its energy industry in the wake of the international shake up caused by monster gas prices. We are uniquely placed to repurpose our North Sea geology and infrastructure, transition and create jobs, and capitalise on our shipping capability. Global investors believe in the UK as a hub for decarbonisation technology; we need to make sure our policymakers echo this support,” he continued.
“The Prime Minister has voiced his support of carbon capture and storage but without more rapid tangible regulatory support, the capacity of UK CCS will remain at a tiny fraction of its real potential and investors will look elsewhere.”
Last year the UK government awarded £1 billion in funding to two CCS cluster projects – HyNet and the East Coast Cluster – though the Scottish Cluster, led by Storegga’s lynchpin Acorn Project, was snubbed and is now a so-called “reserve cluster.”
UK-based Storegga is backed by investment from Australian bank Macquarie Bank, GIC, Singapore’s sovereign wealth fund and Mitsui, and develops projects here and internationally.
Storegga’s call comes days after it signed an agreement to advance the deployment of direct air capture (DAC) technology in Scotland.
Last week the company concluded a memorandum of understanding (MOU) with Mitsui. Together the two intend to progress the commercialisation of DAC, supporting the development of the UK’s first facility in the north-east of Scotland.
