Last month, the UK Chancellor Jeremy Hunt presented his eagerly anticipated first Budget to the nation. Alongside the government’s plans for tax and spending policy, the Office for Budget Responsibility (OBR) published updated economic and fiscal forecasts for the next five years including detailed plans around carbon capture and underground storage (CCUS) – a topic close to the hearts of energy experts in Scotland.
This morning - hot on the heels of Earth Day 2023 - Tomas Karger from our Energy & Environment team has discussed the key role carbon capture will play in the journey to achieving net zero in The Scotsman.
As mentioned, later in March – on a day dubbed Green Day by some, and the Energy Security Day by others – the UK government went on to publish more than 2,800 pages of documents outlining plans to improve energy security, green the finance system and make its net-zero strategy lawful. At the same time, a consultation on business models for hydrogen production and industrial carbon capture business models was also released. This says that both hydrogen and CCUS play a “key role” in the net-zero strategy. The consultation sets out a number of proposals on issues, including the publication of information about contracts and projects as well as the eligibility terms of hydrogen and carbon capture projects. The consultation closes on 10 May this year and we look forward to seeing what this could mean for CCUS in Scotland.
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