An industrial group has presented a case to increase carbon capture and storage (CCS) support.
The Teesside Collective has published a finance proposal outlining how the Tees Valley could become the birthplace of vital clean industrial growth.
It says CCS would not only allow a reduction in Carbon Dioxide emissions without negatively affecting growth but would also have the benefit of attracting inward investment and creating jobs.
Lord Oxburgh, Chair of a cross-party Parliamentary Advisory Group that published a report on CCS in 2016, said: “Applying CCS to industry represents some of the cheapest available carbon abatement in the UK economy.
“The Teesside Collective proposals offer a triple win – the greening of energy-intensive industry, meeting national carbon reduction targets and local industrial rejuvenation. I strongly recommend that government commits to helping finance the project as a cornerstone of its emerging industrial strategy.”
The total cost for the proposed model is £58 for each tonne of CO2 reduction, making industrial CCS a less expensive form of carbon abatement than both offshore wind (£200/tCO2) and new nuclear power (£128/tCO2).
The group suggests if the UK is to meet its carbon reduction obligations, industrial CCS needs to be implemented alongside low carbon energy sources such as wind power.
The UK Government’s second bid to support carbon capture and storage (CCS) recently fell through, wasting £100 million.