A new report, published on 24th October, says the UK was considered a world leader in it approach to CCS before the government cancelled its funding.
The report, commissioned by the Global Carbon Capture and Storage Institute (GCCSI), said: “Until the end of 2015 the UK was seen as having a world-leading policy framework for the promotion and deployment of CCS.”
It was announced following the autumn statement in November 2015 that the UK government would cancel the £1 billion investment into pioneering CCS technologies and research.
The GCCSI report also highlighted the role Britain had once played in setting an example to institutions around the world, such as the Asian Development Bank which picked out the UK’s CCS policy framework as a case study for a “good practise example”.
As a result of the UK Government’s indecisive stance on CCS, private investors are expected to lead the way in both developing and innovating carbon capture technology.
“The unwillingness of the State to underwrite significant risk or financial exposure has resulted in projects where developers add in additional margins and extra equipment – resulting in a higher price.”
University College London published a report on Monday calling for governments to back CCS with detailed policy frameworks to support investment in order to achieve global commitments.