The UK minister for Climate has announced up to £100 million of funding for carbon capture technology.
Claire Perry, the UK minister for climate, launched the government’s new Clean Growth Strategy at an event this morning.
The strategy included investment in carbon capture, promising to: “Demonstrate international leadership in carbon capture usage and storage (CCUS), by collaborating with our global partners and investing up to £100 million in leading edge CCUS and industrial innovation to drive down costs.”
Speaking at the conservative party conference Perry called carbon capture “vital”. The £100 million promised is however a large degree smaller than the £1 billion project cancelled by the government in 2015. The amount is also significantly smaller than the £557 million promised for renewable energy on Wednesday.
This move comes after the Public Accounts committee published a report which said that without investment in carbon capture it would cost an extra £30 billion to reach the UK’s 2050 climate targets. The report said that “CCS has a central role to play across the UK economy to achieve this country’s emissions reductions target at the lowest possible cost to consumers”.
The UK joins India, Canada and the US in investing in carbon capture technology.
The head of the IEA’s Energy Demand Technology Unit, Eric Masanet, said that if the international community’s climate goals are to be reached “we can’t get there without CCS”.
“We need to ramp up CCS in a really massive way, and time is ticking in order to be able to physically deploy CCS technologies in a way that can meet the requirements by 2030 and more importantly by 2060.”