Building a CO₂ Storage Hub in the Central North Sea
Haszeldine, R Stuart
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The International Energy Agency has long argued that Carbon Capture and Storage is the single most important technology we have in the battle to reduce CO2 emissions from power and industrial sources. Without it we will simply fail in our bid to meet the energy challenge; ensuring carbon emissions are reduced, supplies stay secure and costs are kept down. It's a challenge that we must take on rather than pass to future generations when the need will be greater and cost more to overcome. Now, as economies begin to recover and global reliance on low-cost energy from coal and gas shows no sign of diminishing, the time has come to renew our efforts and drive this essential technology through to completion at industrial scale. Scottish Enterprise has undertaken work which: • Reviews the investment case for CCS • Reframes the wider economic arguments, ensuring the long term commercial viability • Reinforces Scotland's competitive advantage by putting the Central North Sea at the heart of the Europe-wide development programme Put simply, we have to develop CCS and we need to start now. This short report, incorporating new economic modelling by Element Energy on behalf of Scottish Enterprise, shows how the UK is leading Europe when it comes to funding the development of CCS. And why Scotland, with it's unique proximity to significant offshore storage sites in the Central North Sea, an almost ready-made infrastructure and 40 years of oil and gas production experience makes it the perfect place to start.