Environmental Audit Committee: Personal submission to Sustainability and HM Treasury inquiry
Haszeldine, R Stuart
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On 25 November 2015, the UK Government issued a statement to the London Stock Exchange a few hours after the Chancellor’s Autumn Statement, which withdrew the capital funding support for the CCS Competition in the UK. This abrupt and unexpected change of support led to immediate cessation of work on the two CCS projects underway in the Competition: Capture Power at Drax in Yorkshire, which has subsequently cancelled the project; and Peterhead to Goldeneye in Aberdeenshire, where the project is currently suspended. Confidence among investors in CCS has plummeted domestically and internationally. Government (DECC Ministers) have spoken about the UK being “still interested” in CCS, although there is no definitive information. Does the cancellation have a direct money impact? Recently ministers suggested that £222 million of public money has been spent to date on CCS. However, the full cost should also consider lost investment.