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British gambling on carbon and storage technology faces the threat of a decrease in the treasury after the warning of MPs that the “high risk” policy should be re -assessed in order to ensure that it is “accessible to taxpayers and consumers”.
The treasury will be studying very much carbon Projects in this year’s consumption examination, according to people who have been sent to the process, and the ministers have admitted that they will not meet ambitious goals for new technology.
The government announced 21.7 billion pounds of financing over 25 years to capture carbon In October, but money only went to two regions – in Tessides and Merseyside – leaving projects in Humber and Scotland in line.
According to the older, these other schemes are likely to get a short shrift in June government Data, which said the treasure trove is original to put more money in technology.
Comes, as well as MPs on the Committee on Public Accounts of Home Home in accordance with public accounts, said the state for “unproven, original technology to reach a net zero high risk” and warned that taxpayers would not benefit if carbon captures were successful .
Taking and storage of carbon involves capturing carbon dioxide while being produced, compressed and pumps underground, sometimes in exhausted oil and gas tanks, to avoid being released into the atmosphere. There are questions about whether CCS technology is commercially and practically sustainable.
Pac said that the CCS overturn “would have a very significant impact on consumers and electricity accounts” and urged ministers to evaluate whether it would be accessible, given the wider pressure on living costs.
The government announced that the £ 21.7 billion will be funded by a mixture of levies in energy and financing accounts. The goal is to attract another 8 billion pounds of private investment.
But Sarah Jones, the Energy Minister, said Commons Energy Committee in December that CCS CCCS Conservative Government annually by 2030, a 20-ml CO₂ tonne. In his letter to the Committee, Jones blamed the inadequate financing of Tori.
The carbon captures come under the supervision of Rachel Reeves, Chancellor, and Darren Jones, Secretary General of the Treasury, as part of a review of all state expenses, concluded in June.
One person who is familiar with the treasury of the treasury said, “People will have to realize that they will not be able to do all the things in the first term who have committed themselves. There will be no enough in the fiscal cover. They will look at things like catching and storage of carbon.”
Another cashier insider said that, given the tight economic background, the case for further large investments in the CCS was not clear yet. “We need to see if it works or not.”
Two people familiarized with the introduction of projects said that the sector seeks the leadership from the Government and the feeling of whether the further CCS scheme are probably a priority.
Sir Geoffrey Clifton-Brown, PAC chair, said: “The Government is a gamble on a carbon capture technology, which becomes based on a net zero.” He added: “All the early progress will sign taxpayers who are not currently beneficial if the projects are successful.”
Ed Miliband, Secretary for Climate Change, advocated the capture of carbon, but the Government insiders say he sees development Sizewell C nuclear power plant as his main priority.
Ministers promoted carbon as critical for their regional growth strategy.
The government said in October that the first projects in Merseyside and Tessides “injected growth in the industrial hearts of northwest and northeast of England.”
In December Reeves said the Financial Times These investments in green energy, including carbon capturing, represented one of her “big bets” on the economy outside the southeast.
The proposals for trapping carbon are also largely intertwined with the future of the existing heavy industry in areas such as Humber, according to three people who are familiar with discussions between the energy sector and the Government. “If you don’t do it on Humber,” he added one of the carbon captures, “don’t hit a net zero target 2030.”
The Energy Security Department said: “Taking, use and storage of carbon is vital to strengthen our energy independence, and the Climate Change Committee describes it as a” necessary rather than option “to achieve our climatic goals.
“There is no way to protect jobs in our industrial hearts and ensure the future of the heavy industry in the UK without it.” The department said that the decisions about the future schedule of CCS would be made “in due course”.
