The U.K. government said advances in technology may help reduce a projected 143 billion-pound ($225 billion) cost of capturing and burying carbon from power plants by as much as 29 percent through 2050 to meet emission goals.
New discoveries may save 41 billion pounds from the cost of deploying 30 gigawatts of power plants fitted with the carbon capture and storage equipment by 2050, according to a report from authorities including the Department of Energy and Climate Change and the Department for Business, Innovation and Skills.
The state is contributing 1 billion pounds to promote CCS technology, yet to be fully put in place at a power station on a large scale, as it seeks to curb emissions while ensuring power supply. The report is one of three on low-carbon technology from the group of bodies also including Scotland’s government and the Energy Technologies Institute. High costs and regulation mean widespread deployment of CCS is unlikely before 2020, they said.
The 30-gigawatt figure is a “medium scenario,” according to the report, which also gave a potential cost of 69 billion pounds before technology savings of 14.8 billion pounds, and 279 billion pound costs, excluding savings of 66.8 billion pounds.
The cost cuts would need new technology to be developed in areas including emissions capture, transport and storage, as well as developments in monitoring, according to the report.
“Innovation is key to the growth of the low-carbon economy here in the U.K.”, Energy and Climate Change Minister Greg Barker said today in a statement accompanying the report. The British CCS industry may contribute 8 billion to 16 billion pounds to the economy by 2050, according to the release.
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