Abstract / Description of output
The UK has, since the G8 meeting in 2005, and especially since creating a carbon capture and storage “CCS Competition” in 2007, been a strong promoter domestically and internationally of CCS as one direct technique to reduce the rate of anthropogenic carbon dioxide (CO2) emission to atmosphere, where it acts to increase global temperatures and ocean acidity.
On 25 November 2015, the UK Government issued a statement to the London Stock Exchange a few hours after the Chancellor’s Autumn Statement, which withdrew the capital funding support for the CCS Competition in the UK. This abrupt and unexpected change of support led to immediate cessation of work on the two CCS projects underway in the Competition: Capture Power at Drax in Yorkshire, which has subsequently cancelled the project; and Peterhead to Goldeneye in Aberdeenshire, where the project is currently suspended. Confidence among investors in CCS has plummeted domestically and internationally. Government (DECC Ministers) have spoken about the UK being “still interested” in CCS, although there is no definitive information.
On 25 November 2015, the UK Government issued a statement to the London Stock Exchange a few hours after the Chancellor’s Autumn Statement, which withdrew the capital funding support for the CCS Competition in the UK. This abrupt and unexpected change of support led to immediate cessation of work on the two CCS projects underway in the Competition: Capture Power at Drax in Yorkshire, which has subsequently cancelled the project; and Peterhead to Goldeneye in Aberdeenshire, where the project is currently suspended. Confidence among investors in CCS has plummeted domestically and internationally. Government (DECC Ministers) have spoken about the UK being “still interested” in CCS, although there is no definitive information.
Original language | English |
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Publisher | SCCS |
Pages | 1-6 |
Number of pages | 6 |
Publication status | Published - 18 Feb 2016 |
Publication series
Name | SCCS Working Papers |
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Publisher | SCCS |
No. | WP SCCS 2016-04 |
Keywords / Materials (for Non-textual outputs)
- CCS
- UK CCS competition cancellation