Key points (the full report is attached):
- Government’s backing of unproven, first-of-a-kind technology to reach net zero is high-risk.
- Government should assess whether its full carbon capture, usage and storage (CCUS) program will be affordable for taxpayers and consumers, given wider pressures on energy bills and the cost of living.
- There are no examples of CCUS technology operating at scale in the UK.
- CCUS may not capture as much carbon as expected.
- International examples show that CCUS performanc expectations are far from guaranteed.
- 3/4 of the almost £22bn envisaged to support the projects will come from levies on consumers who are already facing some of the highest energy bills in the world.
- The Government’s downgraded target of storing 20 to 30 million tonnes per year of CO2 by 2030 is now seen as no longer achievable
How will the Trump administration view offshore carbon disposal? Some elements of the oil industry see CCUS as a lucrative business opportunity. Budget and inflation hawks, along with most environmental organizations, are strongly (and rightfully in my opinion) opposed.
Bud's Offshore Energy (BOE) 