The U.K. is well poised to become a carbon capture and storage leader, but the government is squandering that opportunity by not supporting the technology’s development, according to a report issued Wednesday by Scottish Carbon Capture and Storage. “The UK is uniquely well-positioned to develop and benefit from CCS, but windows of opportunity are closing fast,” the report says, explaining that the nation is located in an ideal location for carbon storage due to its proximity to well researched geologic formations in the North Sea.
The U.K. announced on Nov. 25 the official cancellation of its £1 billion carbon capture and storage commercialization competition, in which two projects remained in the running. According to statements made by government officials since the announcement, the decision was financial and did not reflect disapproval of the technology.
SCCS contests the government’s reasoning that the cost of CCS is too high to support at this time. “The U.K. Government stated that its decision to withdraw CCS Commercialisation Competition funding was based on cost as the Treasury set out its plan to take the economy from deficit to surplus. However, it is UK taxpayers and businesses who will carry the burden of this flawed argument when the true cost of delaying progress on CCS – an essential climate change technology – hits home,” the report says, noting that the Intergovernmental Panel on Climate Change estimated that the expense of reaching international climate goals by 2100 will be 138 percent higher without CCS.
“In light of recent and unexpected developments for CCS in the UK, there must be a reset of objectives and ambitions to get the industry back on track and capable of delivering deep emissions cuts for industry and power across the UK and the rest of Europe,” the report concludes.
