Meeting UK Energy and Climate Needs

📖 The Scoop

Carbon dioxide (CO2) emissions around the world continue to grow. The UK is struggling to meet its targets of reducing CO2 emissions by 20 per cent below 1990 levels by 2010, and 60 per cent by 2050, while growing demand in countries such as India and China is expected to fuel a dramatic increase in global emissions in the future. Concern over security of energy supply is also a major feature of the current debate about energy policy. This reports finds significant scope for carbon capture and storage (CCS) technology to contribute to both reducing emissions and enhancing future security of energy supply. Costs of CCS are comparable to other low carbon approaches, with potential to reduce those costs substantially with technological development and economies of scale. Enhanced oil recovery, extending the life of the North Sea oil fields, could also offset the cost of CCS. Geological storage is relatively safe and secure, though the Government should clarify whether storage under the seabed is permissible under international law. Whilst UK industry is poised to make substantial investments in CCS and full scale demonstration projects, the Government needs to display much greater urgency and commitment, by increasing investment in research, development and demonstration, and by setting up a long-term incentive framework.

Genre: Business & Economics / Industries / Energy (fancy, right?)