'Important day on path to net zero' as UK's first carbon storage licensing round begins
Areas off the North Sea coast are trying to win licenses for carbon capture projects
Last updated 14th Jun 2022
It's an 'important day on the path to net zero' according to the CEO of the North Sea Transition Authortiy.
Andy Samuel has been speaking about the UK's new carbon capture licensing launch.
Sites being offered in this round include areas off the coast of Aberdeen, as well as Teesside, Liverpool and Lincolnshire.
It looks like there will be strong competition to win the licenses according to the level of interest being expressed.
Meanwhile, it could be the first of many licensing rounds - with estimates suggesting up to 100 carbon dioxide (CO2) stores could be needed if the UK is to meet its target of reaching net zero by 2050.
The carbon capture and storage schemes aim to transport CO2 by either ship or pipeline before storing it offshore.
Organisations now have 90 days to make an application, with the NSTA due to evaluate the bids based on their technical and financial criteria after September 13.
It is expected new licences will then be awarded early next year - with the possibility some schemes could be up and running within four to six years of that.
Speaking as the licensing round opened, Mr Samuel said:
"This is an important day on the path to net zero emissions.
"In addition to the huge environmental benefits of significantly reducing carbon dioxide emissions into the atmosphere, the facilities will provide opportunities for many thousands of highly-skilled jobs.
"Carbon storage is going to be needed across the world. There is growing investor appetite and we are keen to accelerate development of the carbon storage sector so that the UK is well-positioned to be a global leader.
"The NSTA is ready to work with industry, government, regulators and others to deliver these exciting projects at pace."