A new Carbon Capture, Usage and Storage (CCUS) Advisory Group has been launched in the UK to help accelerate the development of the technology.
Backed by up to £1 million from government and industry, it includes representatives from BP, Cadent, Drax, National Grid, Shell and Tata Steel and will provide advice on the potential incentives and regulations needed for the development of a new CCUS market in Britain.
The Advisory Group will also advise on the critical challenges that face CCUS technologies and support the government in its review of delivery and investment frameworks for the technology.
That includes identifying and outlining revenue support mechanisms and ownership and capital financing structures, assessing options for risk allocation and impacts on price, providing estimated costs of prospective CCUS projects as well as describing the delivery capabilities needed in the UK to support deployment.
The Advisory Group will initially run until the end of July 2019, following which BEIS and industry will decide on its role – additional industry members willing to contribute resources to the group may be able to join.
They will meet fortnightly with sub-groups meeting on alternative weeks to progress action.
The news follows the government’s plans to ensure the UK’s first CCUS plant is up and running by the mid-2020s and Drax becoming the world’s first bioenergy plant to capture carbon.
Energy and Clean Growth Minister Claire Perry said: “The UK will continue to thrive as a world leader in clean growth technologies like carbon capture through our ambitious modern Industrial Strategy. The new advisory group will help ensure that we take full advantage of the potential of this emerging industry, with a view to deploying the first CCUS facility in the UK from the mid-2020s.”