Carbon capture can unlock £40bn by 2030

Accelerating the deployment of carbon capture and storage could secure around £40bn of inward investment by 2030, a new study has found.


The Carbon Capture and Storage Association’s (CCSA) new Delivery Plan has examined the pipeline of potential projects across the UK to identify the economic opportunities available and threats to successful deployment.

Since the plan was last updated in March 2022, the number of carbon capture and storage (CCS) projects planned for the UK has grown from 55 projects to over 90. According to CCSA, there are enough schemes in the pipeline to capture around 94 million tonnes of CO2 per year, which is up 29 per cent from 73 million tonnes last year.

The projects would protect of jobs in industries with high CO2 emissions, such as cement and steel, and create many more in new green economy sectors.

The government has committed £20bn to support CCS deployment with four industrial clusters selected across England and Scotland.

The CCSA study warns that government support for CCS projects is behind schedule and there is not enough clarity on how the £20bn will be allocated. Consequently, as many as one in three projects are considering relocating to countries showing more confidence in the technology.

Alongside the Delivery Plan, the CCSA has also published a manifesto setting out pledges that MPs could adopt to speed up the deployment of carbon capture technology. CCSA added that it will use a programme of events during the party conference season to campaign on the pledges.

In a statement, Ruth Herbert, chief executive of the Carbon Capture and Storage Association, said: “This year has seen a lot of progress for CCUS technology and we welcome the strides forward taken by the government to date.

“But our Delivery Plan makes clear there is much more to do to secure the tens of billions of direct investment which widespread deployment of CCUS technology could bring to the UK. This is investment which will support tens of thousands of new jobs, and retain existing jobs, across the country.

“The UK has the opportunity to lead the next industrial revolution and be at the forefront of the global deployment of this essential technology, rather than import low carbon products made elsewhere. But there is a global race underway, so we have to speed up, secure these investments and create the clean industries of the future here in the UK.”

To unlock private capital investment the CCSA is calling for the government to:

Enable timely cluster delivery, including allocation of the £20bn support
Publish a clear deployment plan for CCUS and commit to regular allocation rounds
Accelerate permitting and consenting
Deliver a healthy supply chain and skilled workforce
Build public support