MPs Warn £22 Billion UK Carbon Capture Strategy Risks High Consumer Costs

A recent report from the UK Parliament's Public Accounts Committee (PAC) has raised concerns over the government's £22 billion investment in unproven carbon capture technology, stressing the potential financial burden on consumers already grappling with high energy bills. The PAC highlighted that the Department for Energy Security and Net Zero has not adequately assessed the affordability of the carbon capture and storage (CCUS) program, which relies heavily on consumer levies. The committee pointed out that there are currently no operational examples of CCUS technology at scale in the UK, and international evidence suggests that the government’s expectations for its efficacy may not be realized. PAC Chair Sir Geoffrey Clifton-Brown emphasized that taxpayers will bear the initial financial risks without a clear plan for sharing profits if the projects succeed. The report cautioned against an over-reliance on CCUS, urging the government to also explore alternative routes to achieving net zero emissions by 2050. Overall, the committee's findings indicate that the future of carbon capture technology remains uncertain, and its financial implications for consumers need thorough evaluation.