CCS deployment could cut cost of meeting UK carbon targets

A report from the Energy Technologies Institute (ETI) and the Ecofin Research Foundation has concluded that successful deployment of the technology could be a huge economic prize for the UK in its low-carbon transition — cutting the annual cost of meeting the country’s carbon targets by up to one per cent of GDP by 2050.

The report, entitled ‘Carbon Capture and Storage (CCS) — Mobilising Private Sector Finance for CCS in the UK’, explores the challenges that both the private and public sector needs to overcome to help build CCS into a viable low-carbon industry that is economically competitive.

Making early CCS projects investable is a key priority in allowing CCS to develop as an industry and fulfil its potential in the UK’s transition to a low-carbon economy.

ETI and Ecofin believe that creating a vision for CCS financing requires willingness on the part of key public and private sector players to engage and explore the issues and options with an open mind.