A new report has been presented to the Department for Business, Energy and Industrial Strategy (BEIS), that says one of the biggest challenges to the wide spread use of carbon capture and storage (CCS) is a lack of commercial incentives and revenue.
According to the study, that was presented to the BEIS department’s Council on Carbon Capture Utilisation and Storage, a public owned body would be best positioned to promote the use of the technology, although a proactive approach from other stakeholders would also be required.
It says: “Private entities would not be able to develop transport and storage infrastructure without a defined commercial model.
“In the absence of a defined commercial model a public entity would be better able to initiate and progress transport and storage CO2.”
The council, chaired by Claire Perry, had its first meeting on 29th January 2018 and will help government to review the progress of its approach to CCUS.
Energy & Clean Growth Minister @claireperrymp chaired the first meeting of the Council on Carbon Capture Utilization and Storage (CCUS). The council will offer specialist advice to government, review progress of our new approach to CCUS and commitments made for #CleanGrowth pic.twitter.com/RfU9Lu7dAB
— Dept for BEIS (@beisgovuk) January 29, 2018
In order to build momentum throughout the country, the report suggests encouraging “cross government recognition of the value of CCS to the economy and climate targets,” to promote the technologies.
Dr Luke Warren, chief executive of the Carbon Capture Storage Association (CCSA), said: “This report comes at an important time, as the CCUS Cost Challenge Taskforce is due to hold its first meeting imminently. There is no doubt that we need an intelligent conversation between industry and government on the options for effective and urgent development of CCS transport and storage infrastructure.
“This infrastructure holds the key to creating CCS clusters in key UK regions, which will deliver the lowest cost route to decarbonising UK industry, heat and power.