Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what recent estimate he has made of the potential economic value of carbon capture, utilisation and storage.
The carbon capture, utilisation and storage (CCUS) sector could support up to 50,000 jobs in the UK in 2030, and there could be a potential £4-5bn in Gross Value Added from UK CCUS exports by 2050.
The UK has 78 gigatonnes of theoretical potential storage capacity, with potential value being generated by storing other countries' CO2. An Emissions Trading Scheme price of £60/tonne, utilising the full potential storage capacity, could result in avoided emissions of around £5trillion. The size of the opportunity will depend on factors such as costs of capturing, transporting and storing CO2, the prevailing carbon price and volume of CO2 being stored.