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EMISSIONS: The Uk's €22bn of CCS Funding Not Enough to Meet Target: BNEF

EMISSIONS
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The UK’s £22 billion carbon capture plan will fund just three of eight shortlisted projects, capturing 3mn/t of CO2 annually – but well below the 2030 target of 20-30mn/t, according to BNEF.
• The three projects in the East Coast and HyNet clusters, fast-tracked as Track-1 in 2021, span three sectors: gas, power, energy-to-waste, and hydrogen.
• The outlook for the remaining Track-1 projects, along with the Track-2 clusters, Acorn and Viking, appears uncertain, with high deployment costs and substantial financial risks making these projects challenging without government support or additional incentives, BNEF added.


 

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The UK’s £22 billion carbon capture plan will fund just three of eight shortlisted projects, capturing 3mn/t of CO2 annually – but well below the 2030 target of 20-30mn/t, according to BNEF.
• The three projects in the East Coast and HyNet clusters, fast-tracked as Track-1 in 2021, span three sectors: gas, power, energy-to-waste, and hydrogen.
• The outlook for the remaining Track-1 projects, along with the Track-2 clusters, Acorn and Viking, appears uncertain, with high deployment costs and substantial financial risks making these projects challenging without government support or additional incentives, BNEF added.