Can carbon capture help the UK fight climate change?

The International Energy Agency expects carbon capture to increase significantly over the next few years to about 435 million tons per year globally by 2030, according to announced projects.

Not only does the UK have a favorable geological environment for storing CO2 in the North Sea, but it also has a workforce with many of the skills required for the oil and gas industry.

So the government, like previous Conservative governments, wants the UK to be a leader in the carbon capture race.

It is hoped that $21.7 billion in funding and $8 billion in private investment will help boost the industry in the UK.

The funding will be used for three carbon capture projects and two transport and storage projects across Merseyside and Teesside sites.

The government hopes the fund will help overcome a fundamental economic problem rather than the technical challenges of carbon capture to date: that it is cheaper for companies to emit CO2 into the atmosphere.

It said companies would be encouraged to capture CO2 or face penalties.

Over time, carbon prices will inevitably rise, Energy Security and Net Zero Secretary Ed Miliband told BBC News, referring to charges for polluters.

But the right thing to do now is to help provide these companies with ways to capture and overcome carbon, which he says is critical to the competitiveness of our industry.

In March 2023, the Conservatives pledged $20 billion in funding over the next 20 years.

But Labor claims it has not provided this funding or confirmed where it will come from.

The goal is for these initial projects to begin capturing and storing CO2 in 2028, absorbing 8.5 million tonnes per year.

Preliminary figures show this is only a small fraction of the UK's greenhouse gas emissions (384 million tonnes of CO2 equivalent in 2023).

This highlights that carbon capture is only one element of decarbonization.

But the government hopes these initial investments will make carbon capture affordable in a similar way to wind and solar power in a timely manner and help the UK reach net zero, while securing jobs and investment.

Sources 1/ https://Google.com/ 2/ https://www.bbc.co.uk/news/articles/cden6k97n9xo The mention sources can contact us to remove/changing this article

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