The new partnership which has begun between GB Energy and Crown Estate, has been welcomed by the Carbon Capture and Storage Association (CCSA). Now, the CCSA is pushing for the Government to provide clarity on carbon capture and investment plans.

So far, over the past three years, it has become clear that a lot of attention and effort has gone into the development of the world’s first large-scale integrated CCUS clusters in the UK. Important and significant progress has been made and a lot of private capital invested in the projects.

Currently £1 billion has been promised from the National Wealth Fund, which will accelerate the deployment of CCUS, furthermore the Government has already confirmed support for the Cluster Sequencing Programme. The next steps going into action, requires clarity on the operation and function of GB Energy, when it comes to the deployment of CCUS, hydrogen production and creation of robust supply chains.

To carry out the next plans, the Final Investment Decision (FIDs) are due to be taken by September for all Track-1 clusters, as well as any further clarity required for the project selection and next steps for Track-1 Expansion and Track-2 clusters. On top of this, any additional investment provided by GB Energy, should be put into use when it comes to accelerating infrastructure investment beyond any current plans.

One of the largest drives behind receiving this investment, is that the Government has an excellent and exciting opportunity, in which they might be able to put the UK into a position as a global leader within the carbon capture technology industry. Therefore the need for the investment comes from the need to accelerate the deployment of UK clusters. To do this, the company is planning to provide additionality in areas such as supply chain and investment in UK ports to safeguard investor confidence.

The CCSA has said that ‘the industry now needs to understand from the Government details around the commitment to invest in carbon capture and storage, and hydrogen.’

Chief Executive of the Carbon Capture and Storage Association, Ruth Herbert, commented, “We look forward to seeing GB Energy invest alongside the private sector in shared strategic energy infrastructure where there are long term benefits for the economy, but it is difficult for the private sector to do alone. UK ports and local supply chains could benefit from this kind of partnership. Public sector capital should be used where it can reduce risk and bring down the cost of private capital, enabling industry to develop and operate infrastructure that is fit to serve a low carbon economy and the net zero industries of the future.”

Chief Corporate & Financial Officer, Carbon Clean, Iain Tobin, added, “Delivering cheap, low-carbon power at scale is key to accelerating the decarbonisation of UK industry. The partnership between Great British Energy and The Crown Estate will help maximise investment in clean power as our country makes the energy transition. I look forward to seeing similarly bold initiatives through the National Wealth Fund, which is structured to crowd-in investment in rapidly growing clean technologies, such as carbon capture. Government-backed funding combined with a stable, predictable policy environment is a proven catalyst for economic growth. This is a huge opportunity for the UK to be at the forefront of the cleantech revolution.”