20 June 2022
Responding to the Energy Security Bill, our founder Alan James said:
“It’s great to see a continued drive for industrial decarbonisation using carbon capture and storage front and centre of the government’s Energy Security Bill, alongside the critical role of renewables deployment and efficiency drives. Measures in the Bill include enabling industry to unlock significant private investment across carbon capture, transport and storage, as well as hydrogen, through innovative business models.
“We do though need to be really clear that most of the UK’s industrial emitters, together with key CO₂ storage infrastructure systems, are currently sat on the bench without the necessary governmental licenses and support to build out their operations. To turn this into clear action, the North Sea Transition Authority is opening up the North Sea CO₂ stores and we are expecting a government announcement on the shortlist of emitters seeking CCS in the coming weeks. We have the stores and a likely oversubscription of industrial emitters for available support mechanisms.
“However, only two CO₂ transport and storage infrastructure systems are progressing towards operation and they are not well placed to provide all UK solutions. Nor are the two existing clusters well positioned to access the huge export market that European industrial emissions presents. We are calling on the government to open up the track process for the next CCS clusters as soon as possible and certainly before the summer recess so that the UK can move forward quickly to decarbonise our own industrial base and create a valuable export service revenue by storing emissions from our European industrial neighbours.”
For further information on Storegga, please contact:
Dentons Global Advisers
Jennifer Walmsley, Fern Duncan, Leah Dudley +44 20 7664 5086
Notes to Editors:
Storegga Limited is an independent, UK-based decarbonisation development business. It develops early stage carbon capture and storage, hydrogen, and other subsurface renewable projects in the UK and internationally to contribute to achieving net zero targets. The company employs approximately 80 people in the UK, US and Singapore, with its head office in London.
Storegga is a private company backed by GIC, Mitsui & Co., Ltd., M&G Investments and Macquarie Group.
Storegga is the lead developer of the Acorn Carbon Capture and Storage and Hydrogen project in Aberdeen, Scotland. The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.