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3mo ago

UK Government Faces Scrutiny Over £22 Billion Carbon Capture Initiative

MPs warn of high costs and risks tied to unproven technology as consumers bear majority of funding burden.

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The Northern Lights Carbon Capture and Storage base in Norway that has been visited by British Prime Minister Keir Starmer

Overview

  • The UK Government has committed £22 billion to carbon capture and storage (CCS) technology to help achieve net zero emissions by 2050.
  • The Commons Public Accounts Committee (PAC) has raised concerns about the technology’s viability, citing its unproven nature and significant financial risks.
  • Around 75% of the funding for early CCS projects will come from levies on consumers, potentially adding £800 to household bills, with the remainder covered by taxpayers.
  • Critics argue the government has not sufficiently assessed the affordability of CCS or its ability to meet emissions reduction targets, particularly after downgrading its ambitions in 2024.
  • Supporters of CCS, including the Climate Change Committee, emphasize its necessity for decarbonizing heavy industry and energy sectors, though challenges in scaling the technology remain unresolved.