Key findings of the report “The Runaway Cost of UK Carbon Capture and Storage Subsidies” by IEEFA are:
-Despite reduced carbon capture and storage (CCS) targets in the UK’s most recent Carbon Budget, the reliance on this unproven and expensive technology remains a high-risk strategy.
-Some £408 billion will be required by 2050 to install and operate CCS infrastructure in the UK.
-More than £50 billion of subsidies has been earmarked to support projects that together only account for 8% of the UK’s 2050 CCS target. About 75% of CCS subsidies will be paid by consumers through environmental levies.
-Low UK carbon prices mean there is little incentive for polluters to install CCS projects.
Access the report here
