UK Commits £22 Billion to Carbon Capture Projects

The UK Government has committed £22 billion to bolster the carbon capture, usage, and storage (CCUS) industry as a vital part of its strategy to achieve net-zero emissions by 2050. To maximize this investment, experts emphasize the need for a comprehensive regulatory framework that provides clear guidelines, liability management, and financial incentives to attract private investment. Meanwhile, the Summit Carbon Solutions project, which aims to create the world's largest carbon capture pipeline across five states in the U.S., is poised for a crucial vote by the North Dakota Public Service Commission. However, the International Energy Agency (IEA) has reduced its projections for the use of carbon capture and storage (CCS) associated with fossil fuels, citing high costs and competitiveness issues compared to renewable energy solutions. Notably, the Gorgon CCS project exemplifies these challenges, with costs significantly higher than anticipated. In contrast, discussions around the potential for carbon removal technologies highlight opportunities for innovation in Canada’s carbon markets.