Absolutely. The UK is unique in wishing to have a bidding process. In the USA, if a company says that it can reach the target needed for carbon capture and storage, that project is approved. In the UK, we have a bidding process instead, which means that companies have to invest money in entering the process to begin with, without the knowledge or certainty that they will be approved, even if they can evidence the gains in carbon reduction.
The least that the Humber needs is clarity. When does the Minister expect to move forward with track 2? The track 2 decisions on transport and storage need to be announced alongside decisions on key capture sites in the Humber, with confirmation—this is crucial—that the pipeline will run from the Endurance aquifer to the Humber, as was originally set out for the east coast cluster. Any further delay would risk the viability of the projects.
The good news is that, if the Government give certainty to these industries—if they meet them and provide them with the security and certainty that they need to invest—77,000 new jobs could be created in the Humber, and an industry worth £30 billion in taxable revenue could be there by 2050. That will happen only if the Government provide certainty to investors and move quickly and decisively to get all the UK’s carbon capture and storage capability on-stream ahead of our competitors. This is a one-off opportunity and the Government are dangerously close to blowing it.
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