13 May 2021
London, United Kingdom, 07 February 2025 – Storegga CEO Tim Stedman today warned that further delays in deploying carbon capture, utilisation, and storage (CCUS) could jeopardise jobs, industries, and the UK's economic growth.
Responding to a House of Commons Public Accounts Committee report which raised concerns that the Government had not properly addressed the financial impact on households and businesses, Mr Stedman stressed the UK could not afford to repeat the mistakes made with wind and solar power.
He called for clear, long-term policy support to establish a real CCS industry that would deliver jobs, investment, and a cleaner, more competitive economy for the UK.
“The UK is already behind other countries in deploying CCUS, and further delays could put jobs, industries, and economic growth at risk,” Mr Stedman said. “Despite being a leader in renewable energy generation, the UK missed the opportunity to capitalise on the global value chain for wind and solar. We cannot afford to repeat that mistake—CCS offers a new opportunity to create clean, sustainable growth for the economy.
“It is crucial for the Government to ensure value for money, but it is equally important to provide policy certainty so businesses can invest with confidence, supporting a clean, resilient, and secure energy system that is vital to the UK’s economic future. Backing CCS isn’t just about reducing emissions—it’s about unlocking economic growth and securing the UK’s place as a clean energy superpower. Projects like Acorn CCS in Scotland will create high-skilled jobs, attract investment, and position the UK as a global leader in carbon management."
“The Government has been clear that it wants to rebuild Britain’s industrial base and drive green investment—and CCS does exactly that. It enables industrial hubs to thrive in a net-zero economy while ensuring the country remains competitive on the world stage. The Government's £21.7 billion commitment to CCS over 25 years, announced in October 2024, will unlock £8 billion in private investment, create 4,000 direct jobs, and support 50,000 more long-term. This industry is projected to contribute around £5 billion annually to the UK economy by 2050.”
“CCS has been operating safely for decades, including in the North Sea. Norway’s Sleipner and Snøhvit projects have been storing CO₂ offshore since the 1990s, demonstrating that large-scale CCS works. More recently, Norway’s Longship project and the Northern Lights CO₂ transport and storage network have built on that success. The UK, with its world-class offshore infrastructure, skilled workforce, and energy expertise, has a significant opportunity—not just to decarbonise its own industries but also those of our European neighbours, bringing additional economic benefits.”
Mr Stedman added that the Acorn CCS project in Scotland is a prime example of why the UK must support dispersed industrial emissions.
“Unlike some industrial clusters concentrated in one location, Scotland’s industries—including refining, chemicals, cement, and power generation—are spread across multiple sites. Acorn provides the essential infrastructure to connect these dispersed emitters to permanent CO₂ storage in the North Sea, allowing them to decarbonise while maintaining operations and protecting jobs. Beyond industrial emissions, Acorn also plays a crucial role in energy security. It enables carbon capture at Peterhead Power Station, providing flexible, reliable generation to balance the UK's growing reliance on renewables. It also supports decarbonisation of the St Fergus gas terminal, a critical infrastructure that supplies a significant portion of the UK’s natural gas. By repurposing existing pipelines, Acorn can safely transport CO₂ offshore at a lower cost and accelerate delivery.”
“The technology is proven, the infrastructure exists, and industry is ready to invest. What’s needed now is clear, long-term policy support to establish a real CCS industry beyond individual projects—delivering jobs, investment, and a cleaner, more competitive economy for the UK.”
