The British government has revealed its comprehensive plan for the transition of the carbon capture, usage, and storage (CCUS) sector to a competitive market by 2035. The CCUS Vision plan, presented by the Department for Energy Security and Net Zero (DESNZ) on Wednesday, outlines key initiatives to advance the development of CCUS projects in the country.
As part of the plan, the UK aims to implement a competitive allocation process for carbon capture projects starting in 2027. This strategic shift is designed to expedite the growth of the CCUS sector, following the government's earlier commitment of £20 billion ($25.33 billion) investment in carbon capture and storage technology and funding for clusters in Scotland and northern England.
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The plan also introduces measures to facilitate the inclusion of projects unable to transport CO2 via pipelines. From 2025 onwards, these projects can leverage alternative forms of transport such as ships, roads, and rails to enter the market, creating a more inclusive framework for CCUS initiatives.
The significance of capturing carbon dioxide (CO2) before it enters the atmosphere is underscored in Britain's pursuit of a net-zero economy by 2050. The government has set a target to capture 20-30 million tonnes of CO2 annually by 2030. Highlighting the vast potential for storage, officials noted that the space under the North Sea alone could accommodate up to 78 billion tonnes of CO2.
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Furthermore, the government has reached commercial terms to expand the Northern Endurance Partnership (NEP) in northern England, a crucial step toward the enlargement of the CCUS cluster. The CCUS Vision program is anticipated to contribute significantly to the economy, projecting a boost of £5 billion annually by 2050.
This strategic roadmap underscores the UK's commitment to advancing carbon capture technologies, fostering competitiveness, and achieving crucial milestones in the journey toward a sustainable, net-zero future.
