Energy Secretary Ed Davey has announced the launch of a £20 million project to fund innovations in Carbon Capture and Storage technologies. The Department of Energy and Climate Change say the development of CCS is “crucial” if the UK is to meet climate change targets.
Ed Davey said: “The UK’s first carbon capture pilot, opened at Ferrybridge last year, is an early example of what CCS means in terms of jobs and growth. More than 20 UK based companies provided parts and services to the project.
“By supporting research and development, this £20 million competition is an important step towards making cost competitive CCS a reality by the 2020s.”
DECC has estimated the CCS industry could be worth £6.5 billion a year by the late 2020s. The £20 million announced today is part of a four-year, £125 million Government-led CCS research and development programme.
The investment is going toward universities to develop cheaper components to reduce the cost of CCS as well as pilot-scale capture projects.