UK poised for surge in CCS investment
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
Investment in the UK’s CCS sector is expected to rise sharply through the end of this decade as developers look to exploit the country’s 78GT of CO₂ storage potential, the largest in Europe, according to industry group Offshore Energies UK (OEUK). Over the next decade, the UK CCS market is anticipated to grow to around £2b/yr ($2.53b) by 2030 and potentially £3b/yr by 2040. This would mean a cumulative £20b spend to 2035 and £34b to 2040. Unlocking CO₂ imports will offer an opportunity to increase this further, potentially by another £10b, OEUK said in its 2024 Business and Supply Chain Outlook report. £3b – Annual CCS spend in 2040 “The capex intensity and front-loaded nature o
Also in this section
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
23 October 2024
Next government faces the difficult task of balancing decarbonisation ambitions with energy security realities