According to a report by a high-level advisory group in the U.K., the cost of meeting climate change targets can be reduced to half if the country adopts Carbon Capture and Storage technology (C.C.S.), which would involve creating a network of pipes for storing waste gas under the North Sea. The report claims that C.C.S. technology could provide clean energy at lower rates than an expanded Hinkley Point nuclear power station and almost all renewables.
The report admits that C.C.S. involves high initial costs while adding that the technology can curb as much as 40 percent of carbon emissions by 2050, saving up to £5bn annually compared with alternative strategies, reports the BBC.
The C.C.S. technology will not only curtail the cost of tackling climate change but will also create thousands of jobs in industrial heartlands such as Teesside and Grangemouth, writes The Guardian.
Lord Ron Oxburgh, an independent member of the House of Lords and former chairman of Shell Transport and Trading, who led the report, said, “Money spent now will save money later.” Oxburgh added that government’s participation and leadership are crucial in the success of the project.
A spokeswoman for the new Department of Business, Energy and Industrial Strategy (B.E.I.S.) said that the report would be carefully considered, adding that the country requires a range of technologies to create a clean energy future.