Despite representing less than 0.1% of negative emissions use, carbon capture and storage are the latest methods being touted as key solutions to limit global warming to 1.5 degrees Celsius.
The Intergovernmental Panel on Climate Change this week mentioned such methods, preceded recently in the UK by chancellor Jeremy Hunt’s references in the Spring Budget, where he said he was allocating up to £20bn of support for the early development of carbon capture usage and storage (CCUS), “paving the way for CCUS across the country as we approach 2050”. Further to this, the UK government will introduce legislation to establish favourable tax treatment of payments made into so-called decommissioning funds by oil and gas as it related to repurposing decommissioned oil and gas assets in CCUS projects.
Finally, the EU Net Zero Industry Act announced on 16 March that carbon capture had made it into a list of strategically important initiatives that will see significant support.
With this in mind, ESG Clarity has spoken to two groups currently invested in CCUS about how they are navigating this space.
