The Director of the National Centre for Carbon Capture & Storage (CCS), Professor Mike Stephenson, said that the UK stands to gain a minimum of three billion pounds per year by 2020 if it keeps its extant power industry and completely exploits the prospects afforded by CCS’s supply chain and associated services.
The UK is broadly expected to emerge as a potential vanguard in the field of carbon capture and storage. The UK is often accused of lagging behind its counterparts in several aspects of the green economy as competitor nations are employing more adventurous and progressive policies.
Professor Mike Stephenson said that country has a natural edge in terms of capacity, regulatory frameworks and existing infrastructure, and thus the country should not make mistakes with CCS, which would provide a golden opportunity for establishing the worldwide lead the country had been unable to set up in other areas.
Some estimates are suggesting that the worth of the CCS to the country by 2030 could reach up to $6 billion per year plus 100,000 jobs. However, the future of CCS and all the long-standing advantages it would fetch cannot be guaranteed without the support of the City.
Main hurdles to investment include the high upfront cost of CCS technology along with the long-stretching wait for returns.
DECC Minister of State Charles Hendry has also stated that the successful realization of CCS would require huge amounts of capital, which might not be returned for many years.
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