Innovation is vital for the UK’s low carbon economy, according to a new report.
The Technology Innovation Needs Assessments (TINAs) analysis, which looked at marine energy, electricity networks and storage (EN&S) and CCS, found the technologies can play a key role in cutting the UK’s carbon emissions but further innovation is urgently required.
The report found innovation in the CCS industry could cut costs in the UK energy system by £10-45billion by 2050 but suggested public investment, uncertainty over policy, support levels and industry confidence are holding back innovations.
It also showed EN&S technologies could play an important role in the future energy system, saving the economy up to £19billion.
Energy and Climate Change Minister Greg Barker said: “This new analysis will help us better understand the value of these technologies to our growing green economy as well as the barriers to commercialisation, helping us put our available investment in the right place to spur on further innovation.”
The study was carried out by the Low Carbon Innovation Coordination Group (LCICG), which includes DECC, the Department for Business, Innovation and Skills (BIS), the Carbon Trust, the Energy Technologies Institute (ETI), and the Technology Strategy Board.