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Released December 11, 2018 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The U.K. has once again committed to delivering the country's first commercial-scale carbon capture and usage and storage (CCUS) project by the mid-2020s, three years after pulling funding for a £1 billion competition to develop carbon capture at power stations.
The U-turn took place at a summit in Edinburgh, Scotland, attended by 50 international leaders, CEOs of major energy companies, manufacturing businesses and finance firms, where they focused on for making "cutting-edge carbon capture technology a reality."
It has been a turbulent time for CCS investment in Europe in recent years, with major projects in Norway and the U.K. losing financing. In 2015, the U.K. government had promised £1 billion ($1.5 billion) in promised funding to two CCS projects--White Rose and Peterhead--but by the end of the year it pulled that support. For additional information, see December 2, 2015, article - U.K. Cancels Funding for Carbon Capture Projects.
U.K. Energy and Clean Growth Minister Claire Perry said at the summit: "Today at this seminal summit, the U.K. is setting a world-leading ambition for developing and deploying carbon capture and storage technology to cut emissions. It shows how determined all countries are to unlock the potential of this game-changing technology that representatives from across the globe are gathered here today in Edinburgh. The time is now to seize this challenge to tackle climate change while kick starting an entirely new industry."
First up, the government has pledged to help finance Project Acorn in St. Fergus, Scotland, to develop ways of transporting carbon emissions from where they are captured to storage. The goal is to capture up to 200,000 tonnes of carbon dioxide (CO2) per year from the St. Fergus gas terminal, transport it offshore and inject it deep underground for permanent sequestration in a saline formation. It will also receive funding from the Scottish government, and the European Commission (EC). It has also committed to investing £20 million ($25.4 million) to support construction of CCUS technologies at industrial sites across the U.K., as part of a £45 million ($57 million) commitment to innovation. It will also invest up to £315 million ($400 million) in decarbonising industry, including the potential to use CCUS.
Earlier this week, Drax Group plc (LSE:DRX) (Selby, England) in North Yorkshire announced work would start on the commissioning of a Bioenergy Carbon Capture and Storage pilot plant at its Drax power plant using technology developed by Leeds University spin-out company C-Capture (Leeds, England). In June, Industrial Info revealed that it had started examining the solvent C-Capture developed to ensure it was compatible with the biomass flue gas. For additional information, see June 5, 2018, article - Drax Backs Europe's First Biomass Carbon Capture Project.
Speaking at the summit, Dr. Fatih Birol, executive director of the International Energy Agency, said: "Without CCUS as part of the solution, reaching our international climate goals is practically impossible. CCUS can also enhance energy security and boost economic prosperity. Yet up until now, progress has been muted and if this continues, the challenges we face in the energy sector will become infinitely greater. That is why the IEA is bringing together industry, governments and our own technology network -- as well as the investment community -- to make CCUS a reality."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The U-turn took place at a summit in Edinburgh, Scotland, attended by 50 international leaders, CEOs of major energy companies, manufacturing businesses and finance firms, where they focused on for making "cutting-edge carbon capture technology a reality."
It has been a turbulent time for CCS investment in Europe in recent years, with major projects in Norway and the U.K. losing financing. In 2015, the U.K. government had promised £1 billion ($1.5 billion) in promised funding to two CCS projects--White Rose and Peterhead--but by the end of the year it pulled that support. For additional information, see December 2, 2015, article - U.K. Cancels Funding for Carbon Capture Projects.
U.K. Energy and Clean Growth Minister Claire Perry said at the summit: "Today at this seminal summit, the U.K. is setting a world-leading ambition for developing and deploying carbon capture and storage technology to cut emissions. It shows how determined all countries are to unlock the potential of this game-changing technology that representatives from across the globe are gathered here today in Edinburgh. The time is now to seize this challenge to tackle climate change while kick starting an entirely new industry."
First up, the government has pledged to help finance Project Acorn in St. Fergus, Scotland, to develop ways of transporting carbon emissions from where they are captured to storage. The goal is to capture up to 200,000 tonnes of carbon dioxide (CO2) per year from the St. Fergus gas terminal, transport it offshore and inject it deep underground for permanent sequestration in a saline formation. It will also receive funding from the Scottish government, and the European Commission (EC). It has also committed to investing £20 million ($25.4 million) to support construction of CCUS technologies at industrial sites across the U.K., as part of a £45 million ($57 million) commitment to innovation. It will also invest up to £315 million ($400 million) in decarbonising industry, including the potential to use CCUS.
Earlier this week, Drax Group plc (LSE:DRX) (Selby, England) in North Yorkshire announced work would start on the commissioning of a Bioenergy Carbon Capture and Storage pilot plant at its Drax power plant using technology developed by Leeds University spin-out company C-Capture (Leeds, England). In June, Industrial Info revealed that it had started examining the solvent C-Capture developed to ensure it was compatible with the biomass flue gas. For additional information, see June 5, 2018, article - Drax Backs Europe's First Biomass Carbon Capture Project.
Speaking at the summit, Dr. Fatih Birol, executive director of the International Energy Agency, said: "Without CCUS as part of the solution, reaching our international climate goals is practically impossible. CCUS can also enhance energy security and boost economic prosperity. Yet up until now, progress has been muted and if this continues, the challenges we face in the energy sector will become infinitely greater. That is why the IEA is bringing together industry, governments and our own technology network -- as well as the investment community -- to make CCUS a reality."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
