Charles Hendry's speech to the Platts 6th Annual CCS Conference
28 Feb 2012 02:36 PM
At the outset I would like to emphasise the UK Government’s firm commitment to Carbon Capture and Storage (CCS) and our determination to see the technology ready to be commercially deployed in the 2020s. CCS has the potential to be one of the most cost effective technologies for decarbonisation of our power and industrial sectors.
You will all no doubt be aware of this, but I think it is important to reiterate why CCS is so important. Studies undertaken by the International Energy Agency (IEA) on behalf of the G8 have concluded that, to achieve a 50% reduction in global carbon emissions by 2050 cost effectively, CCS will be needed to deliver about a fifth of this target. Without CCS the delivery cost of meeting a 50% global reduction target by 2050 will be 70% higher. And action on CCS in Europe will be instrumental in helping to drive ambitious international action on climate change, particularly with major economies such as the US, India and China that are heavily dependent on fossil fuels.
CCS provides us with a generation option that other technologies do not – a flexible low carbon electricity source that can provide a balance between the intermittency associated with renewables and the baseload nature of nuclear. It allows fossil fuels to play a full part in our low carbon future and allows the decarbonisation of industrial emissions.
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