The U.K. government invited developers to come up with technologies that cut the cost of carbon capture and storage as it touted the equipment in the fight against climate change.
Developers will compete for 20 million pounds ($31 million) of funding to develop cheaper components and systems for use in pilot-scale carbon capture and storage projects, the Department of Energy and Climate Change said today in a statement.
The government is promoting the technology called CCS as key to meeting European Union clean-energy goals because it sequesters emissions from fossil fuels, allowing coal- and gas- fired plants to keep providing a baseload of electricity.
“By supporting research and development, this 20 million- pound competition is an important step towards making cost competitive CCS a reality by the 2020s,” Edward Davey, secretary of state for energy, said in the statement sent by e- mail.
The innovations could help cut the cost of future commercial CCS deployment, an industry that could be worth as much as 6.5 billion pounds annually by the late 2020s, DECC said in the statement.
The money may be awarded among several projects, a spokesman at DECC said by phone. The contest is part of a four- year, 125 million-pound government program to fund research into CCS at universities and develop and test devices that cut its costs, according to the statement.
The contest is separate from the 1 billion pounds the government has pledged to fund commercial scale CCS projects, according to the statement. A contest for those funds will be opened in the “coming weeks,” DECC said in the statement.
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