Carbon capture can unlock £40bn by 2030

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.