Reports assess the economic benefits of green technologies
Reports have been published today that assess the potential for innovation in three low-carbon technologies and their economic benefits to the UK.
The three Technology Innovation Needs Assessment (TINA) reports on carbon capture and storage (CCS), marine energy and electricity networks and storage (EN&S) also explore the challenges for investment of these technologies in the UK.
The work, undertaken by the Low-Carbon Innovation Co-ordination Group (LCICG), is expected to help inform the prioritisation of public and private sector investment to ensure these technologies reach their full potential.
According to a statement from the Department of Energy and Climate Change (DECC), the CCS TINA found that innovation across the technology chain could reduce UK energy system costs by £10bn–£45bn to 2050 and that innovation to ensure the security of long-term CO2 storage remains critical to CCS viability.
The key technological components of carbon capture, transport and injection have been demonstrated at commercial scale but component costs and efficiency penalties remain high and uncertain, and many challenges related to full integration remain to be tackled.
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