Tuesday 09th August 2022
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Region set to become centre for huge £100 billion carbon capture and storage sector

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East Anglia and Lincolnshire are set to become centres for the UK’s potentially huge CO2 capture and storage industry involving the creation of thousands of new jobs according to a new government-comissioned report. It says the region’s offshore engineering and other supply chain firms are in prime position to benefit from growth in the sector, if the government provides urgent support. The study by Offshore Energies UK says skills developed in regions involved with the oil and gas industries mean they are ideally-placed to become hubs for CO2 capture and storage (CCS).

It follows a decision by the North Sea Transition Authority to include three areas off the coasts of north Norfolk and Lincolnshire in the Southern North Sea amongst 13 sites UK identified in its first-ever CO2 storage licensing round. The report commissioned by the Department for Business Energy and Industrial Strategy says CCS could be worth up to £20bn to the offshore supply chain in the next ten years, and £100bn by 2050. It also warns that the UK supply chain is fragile, and that the huge opportunities of CCS could be lost to foreign competitors unless the government and industry work fast to secure “first-mover” advantage.

Katy Heidenreich, OEUK’s supply chain and operations director said: “Carbon capture and storage …. offers a huge opportunity for the UK supply chain to help energy intensive industries cut emissions. Eastern England is one of the best-placed regions to take advantage of and benefit from these exciting new technologies.”