Ten Point Plan for a Green industrial Revolution - Point 8: Carbon capture, usage and storage

Country / jurisdiction: United Kingdom · Year: 2020 · Status: In force · Level: National · Type: Voluntary

As part of the Ten Point Plan, the UK will increase the development of CCUS for a greener industrial revolution.

The UK aims at capturing 10Mt of carbon dioxide by 2030. Through the new policy, a 1 billion CCUS Infrastructure Fund was created to support in 4 industrial CCUS clusters (North East, Humber, North West, Scotland and Wales). More details will be published in 2021 for a revenue mechanism to bring in private sector investment.

Expected results:

- 50 000 jobs by 2030

- Up to 1 billion GBP public investment by 2025

- savings of around 40 MtCO2e between 2023 and 2032, or 9% of 2018 UK emissions.

Targets:

2021: Execute a process for CCUS deployment, working in collaboration with industry and set out further details of a revenue mechanism for industrial carbon capture and hydrogen projects

2022: new CCUS business models finalised

2030: 2 clusters operational by the mid-2020s, subject to relevant value for money and affordability considerations and a further 2 clusters operational by 2030.

Official source: https://www.gov.uk/government/publications/the-ten-point-plan-for-a-green-industrial-revolution/title