Over 850 representatives from the industry gathered in London for the Carbon Capture and Storage Association (CCSA) conference, coinciding with the UK Government’s International Investment Summit and the release of the Industrial Strategy Green Paper.
Taking place between 15th – 16th October at Central Hall, Westminster, this two-day event aims to foster the discussion of the global opportunities within carbon capture, utilisation and storage (CCUS).
Keynote speaker Sarah Jones MP, the Minister for Industry at both the Department for Energy Security and Net Zero, and the Department for Business and Trade, addressed the urgent need for carbon capture projects across the UK.
“Through carbon capture, we are rejuvenating our industrial heartlands,” she stated, emphasising the vital role CCUS plays in decarbonising manufacturing processes, particularly in sectors like glass and cement. Jones characterised CCUS as “a necessity, not an option.”
The Minister’s speech also highlighted the economic growth potential tied to carbon capture projects, aligning with the aims of the Industrial Strategy Green Paper to revitalise British manufacturing.
Jones remarked on the UK’s “great storage potential,” hinting at the capacity to create “vast carbon highways” extending into Europe, suggesting a broader export market for the UK’s evolving CCUS capabilities.
As industry leaders convened in London, the sentiment echoed a collective optimism for the future of CCUS. Olivia Powis, CEO of the CCSA, remarked, “The global ambition to deliver carbon capture projects at scale and pace to meet our Net Zero targets is clear to see from the level of enthusiasm at this year’s CCSA conference.”
This enthusiasm is mirrored by the industry’s readiness to deploy essential projects, aided by the supportive policy frameworks developing across key markets.
Powis also pointed out the unique advantage the UK holds, thanks to the “deep skills and expertise from the North Sea oil and gas sector,” positioning the country to become a world leader in this critical low-carbon technology aimed at achieving Net Zero by 2050.
“With the UK ready to deliver CCUS, we can roll out this learning from the steps being taken across the first two clusters in the North East and North West of England and Wales,” she added.
CCUS project updates
The UK is nearing final investment decisions for its first CCUS projects as part of its Track-1 and Track-2 Clusters, following a year marked by key governmental commitments and policy announcements aimed at accelerating CCUS deployment
In the US, Baker Hughes has launched a new digital platform called CarbonEdge, which aims to enhance the management of CCUS operations. This platform provides real-time data on CO2 flows, facilitating better risk management and operational efficiency for CCUS projects.
For instance, Wabash Valley Resources, a customer of Baker Hughes, is investing $900 million to retrofit a former power plant for carbon sequestration, projecting the injection of around 1.84 million tonnes of CO2 per year.
Despite these advancements, the CCUS sector is grappling with economic headwinds. A report from Wood Mackenzie indicates that while CCUS project development is progressing globally, factors like inconsistent carbon pricing and regulatory uncertainty are stifling growth. Many proposed projects are at risk due to these economic challenges.
Look out for our exclusive interview with the CCSA’s newly appointed CEO Olivia Powis in the November issue of gasworld Global.
