Today the government launched a £1 billion competition to be awarded to the first power plant to be able to capture and store carbon (CCS). Synergy Client Solutions looks at why the competition is so important.
The Department of Energy and Climate Change (DECC) announced today that the selected project, or projects, could sign front-end engineering and design contracts with the government towards the end of this year and then look to start operating the new plants from 2016 to 2020. Synergy Client Solutions, a customer acquisitions company, believes that this competition could boost investment in the UK and from abroad.
The DECC believe that the CCS industry could contribute as much as £6.5 billion a year to the economy through exporting knowledge on the technology and also products. They also anticipate the industry creating a hundred thousand jobs. Synergy Client Solutions understands that the reason why the competition has been set up is because there has been very little investment or knowledge gained in the technology globally and the government wants the UK to be at the frontline of a potential game-changer.
To qualify for the funding the CSS projects must have a power plant and carbon capture on UK soil and then a storage facility offshore. Ben Jeanes, managing director of Synergy Client Solutions believes that this is a worthwhile endeavour. “To be at the forefront of such cutting edge technology, in such a sought after field, would be huge for the UK. It would be a real boost to the economy as well as moving forwards to find ways to combat global warming.”
Companies face a July 3rd deadline for submitting their applications.
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