The Acorn project, its developers CO2DeepStore and consulting partners Pale Blue Dot Energy welcome the launch today (5th Oct 2017) of the study looking at the value of Carbon Capture and Storage (CCS) for the UK. The report “Clean Air-Clean Industry-Clean Growth; How Carbon capture will boost the UK economy” concludes that CCS will add £129bn of societal and economic benefits to the UK. Furthermore, the study concludes that waiting before starting CCS in the UK or exporting our CO2 to Norway will both have significant negative impact on the value of CCS for the UK.
CCS is a means to decarbonise multiple industry sectors and provide the volume of hydrogen required to decarbonise heating in the UK. Wide availability of hydrogen will also enable its use for transport.
Steve Murphy, Finance Director at Pale Blue Dot Energy said “This study supports the opportunity presented by the Acorn CCS project. Given our re-use of existing infrastructure it is possible to construct the Acorn project by 2022 and use it as a basis for initiating and growing CCS in the UK. Hydrogen provides a huge decarbonisation opportunity for heat and transport and North-East Scotland is the best place to start. We welcome the ongoing support of the UK Government and Scottish Government for the project.”
The study was completed by Summit Power Caledonia, with industry and academic collaboration from Industria Mundum AG, Pale Blue Dot Energy, Tees Valley Combined Authority and the University of Strathclyde.
Access to the full report and summary report is available through the Carbon Capture and Storage Association (CCSA) website.