Free Trial

EMISSIONS: UK MPs Question £21.7bn CCS Plan Over Uncertainty, Methane Concerns

EMISSIONS

MPs have questioned the UK government’s £21.7bn investment in CCS, warning that uncertainties over its effectiveness and methane emissions from LNG supply chains could undermine projects like Net Zero Teesside, the MPs said, cited by Energy Voice.

  • Additionally, MPs urge the government to set a new carbon capture target and assess whether the programme is financially viable for taxpayers and consumers.
  • The committee highlights concern about higher-than-expected methane leakage during LNG production, which CCUS technology cannot mitigate and could “undermine the rationale for pursuing certain projects”, the MPs added.
  • However, the government defends CCUS as essential for UK energy security and industrial competitiveness despite recent downgrades in its net-zero ambitions.
  • The Teesside project, a joint venture between BP and Equinor, aims to be operational by 2028. It will be able to store 4 mn/t of CO2 annually.
133 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

MPs have questioned the UK government’s £21.7bn investment in CCS, warning that uncertainties over its effectiveness and methane emissions from LNG supply chains could undermine projects like Net Zero Teesside, the MPs said, cited by Energy Voice.

  • Additionally, MPs urge the government to set a new carbon capture target and assess whether the programme is financially viable for taxpayers and consumers.
  • The committee highlights concern about higher-than-expected methane leakage during LNG production, which CCUS technology cannot mitigate and could “undermine the rationale for pursuing certain projects”, the MPs added.
  • However, the government defends CCUS as essential for UK energy security and industrial competitiveness despite recent downgrades in its net-zero ambitions.
  • The Teesside project, a joint venture between BP and Equinor, aims to be operational by 2028. It will be able to store 4 mn/t of CO2 annually.