Carbon Capture and Storage Industry News
Although, the Carbon Capture and Storage industry offers a clean energy future the Hinkley C project is moving ahead.
The Carbon Capture and Storage (CCS), solar and wind power generation industries, have received an enormous support from many countries. These strategies deliver a positive impact on the environment and are also, profitable. Despite the UK being in the loop with the technology and its approaches Theresa May gave the green light to the Hinkley Point C project, last week.
Supporters of the project still claim that despite its high sold price this project will be a cost-effective electricity generator, “oh yeah” I hear you say. The SMR Thorium fuelled lobby seem to have gone very quiet, which is a shame as according to claims this technology is safer and more economic. Renewable energy continues to develop, but the UK chose to return to nuclear power. How ironic!
And how about Carbon Capture? Crack that nut and we will be able to provide new job opportunities and effectively tackle climate change. Studies estimate that CCS will capture 40% of the UK’s emissions by 2050, saving up to £5bn a year. Of course, the needed support of a stake-backed company and a network will allow the Carbon to be held in the exhausted oil and gas fields under the North Sea.
Although, CCS could deliver many benefits, the UK government cancelled a £1bn CCS development competition citing high costs. Short sightedness and ‘short-termism’?
Reports highlighted the need for government and private commercial investment in CCS R&D. Yet, in case of the latter’s rejection government must lead. Richard Black, director of the Energy & Climate Intelligence Unit, confirmed that political and economic obstacles remained high.
With society investing on renewable energy, the authorities should show their support on alternative energy, including CCS. This will result in long-term power generation and compliance with carbon emission agreements.