FINANCE

The UK selects two carbon capture schemes for fast track


Two multi-billion-pound carbon capture and storage schemes in the north-east and north-west of England will be aimed at accelerating technology যা which will be seen as crucial to achieving net zero-mission migration পর্যন্ত to Britain in the mid-and early decades, the UK government announced on Tuesday.

It has selected the East Coast Cluster project centered on Hull and Middlesbrough, supported by groups including BP, Drax, Norway’s Equinor and SSE. Its developers claim that it will eventually be able to hold about 50 per cent of the UK’s industrial emissions before storing unused oil and gas in the North Sea.

The ministers supported the Heinet project in the Gulf of Liverpool, which was founded by Italy’s Anne and Progressive Energy.

Of the top five projects in the UK using carbon capture technology to reduce emissions from industry and power generation, everyone was interested in five projects.

Energy Minister Greg Hands said the two schemes would be evaluated on a value-for-money basis to qualify for assistance to CCUS, a US bn 1bn government funding program established in 2018 to encourage innovation in carbon capture technology.

Another project on the east coast of Scotland, including the Acorn Carbon Capture and Storage Project north of Aberdeen, was designated as a “reserve cluster” that would potentially qualify for state funding if one of the other successful schemes were discontinued. Supported by companies including Acorn Shell, ExxonMobil, Inios and Petrofac.

The government announced on Tuesday that it was ready to launch its broader Net Zero Strategy to plan for a halt to carbon dioxide emissions by 2050 to address climate change ahead of next month’s UN climate talks in Glasgow.

This is a significant step in the UK’s efforts to build a carbon capture project on a scale after a previous failed attempt nearly 16 years ago. The former government canceled a fundraising competition to capture carbon in Britain, most recently in 2015.

The technology includes capturing CO2 from industrial processes, generating electricity and producing so-called low-carbon hydrogen and then reusing it or storing it permanently deep underground so that it does not re-enter the atmosphere.

Companies, including the Climate Change Committee, see carbon capture as important to achieving the UK’s 2050 net zero emissions target. But environmental groups warn that not all CO2 is caught in the process and fear that it will only prolong the use of fossil fuels.

The UK is expected to emit 350 million tonnes of carbon this year and existing plans will contain four carbon capture “clusters” in the UK by 2030 that will set a target of removing 10 million tonnes of carbon dioxide per year. Their developers, however, argue that they can capture much more, while most emissions come from home heating and transportation, which are covered by individual carbon reduction plans.

The Prime Minister of the United Kingdom Boris Johnson last year identified carbon capture as one of the main ways to fill the net gap and create new jobs in Britain as part of his 10-point plan for the green industrial revolution.

However, it is not yet clear how the first carbon capture projects in Britain will be funded as ministers examine potential funding models.

Hands said setting up the first two projects would “carry significant risks to deliver them in the mid-2020s”.

The decision to keep the Acorn project in reserve could upset the Scottish government, which recently told UK ministers that it was the most “affordable and distributable”.



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