New research makes compelling base-case for CCS in the UK
New research released today finds that the East Coast of the United Kingdom stands to reap huge benefits from the deployment of carbon capture and storage technology, including:
- the creation and retention of more than 225,000 jobs;
- societal and economic benefits of more than £160 billion;
- capture and storage of 1,500 million tonnes of CO2 .
Speaking to the release of a study of the UK East Coast CCS network, entitled “Clean Air – Clean Industry – Clean Growth: How carbon capture will boost the UK economy”, the Global CCS Institute, the world authority on CCS, says the research provides compelling data about the macroeconomics behind CCS and its ability to deliver a new energy economy in the UK.
Global CCS Institute Executive Adviser - Europe, John Scowcroft, says the research reaffirms the role which CCS technology can play in delivering economic, societal and climate benefits that are far-sighted and far-reaching.
“This report marks an important shift in focus, from an overly simplistic discussion about the ‘cost’ of CCS, to actually consider the socioeconomic value offered by investment in CCS infrastructure.
CCS is a well-tested and versatile technology which has been proven as essential to meeting international climate change commitments.
This study provides data to support the need for rapid CCS acceleration. It makes the sustainable base case for CCS as a central pillar in a new energy economy.”
The study, led by low carbon power specialist, Summit Power, and supported by Industria Mundum, Pale Blue Dot and the University of Strathclyde, finds that the societal and economic benefits of deploying CCS in the region are valued at £163 billion - significantly outweighing the estimated CCS operating costs of £34 billion.
It also finds that CCS deployment would create massive new regional employment and investment opportunities, including an estimated 225,600 jobs (equivalent to £54 billion in goods and services), and environmental and health benefits valued at £5 billion.
Mr Scowcroft says the research is especially timely in the run-up to the highly anticipated UK Growth Plan which is expected to be delivered in a few weeks.
“This research will help inform policy discussions and decisions around CCS by providing the robust evidence that proves why CCS is a unique solution which is right for the time and right for the region.
“It highlights the outstanding benefits which CCS can bring to industrial clusters along the East Coast especially Grangemouth and Teesside where CCS initiatives are already underway.”
CCS is the only technology capable of decarbonising the industrial sector - including the steel, cement, fertilisers, and petrochemicals sectors – at the same time as building the local economy and tackling climate change.
There are currently 17 operating CCS large-scale facilities around the world, with four new facilities poised to come onstream in the next 12-18 months.
A full copy of the study can be downloaded from 5th October 2017 at: http://www.ccsassociation.org/news-and-events/reports-and-publications/c...
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For media enquiries, contact:
Antonios Papaspiropoulos: +61 401 944 478, Antonios.Papaspiropoulos@globalccsinstitute.com
Annya Schneider: +61 422 729 554, email@example.com
About the Global CCS Institute: The Global CCS Institute is an international membership organisation. Our mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security.
Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible by sharing expertise, building capacity and providing advice and support so that this this vital technology can play its part in reducing greenhouse gas emissions.
Our diverse international membership consists of governments, global corporations, small companies, research bodies and nongovernment organisations, committed to CCS as an integral part of a low-carbon future. We are headquartered in Melbourne, Australia with regional offices in Washington DC, Brussels, Beijing and Tokyo. For more information, visit www.globalccsinstitute.com