Carbon capture green light for the Humber is a major step forward: Olga Watterich

The green light for the CCUS Acorn project in North East Scotland and the Viking clusters in The Humber is a major step in the right direction towards achieving the UK’s net zero ambitions.

It’s also expected to bring vast amounts of investment, and a significant number of jobs, to both areas.

The Acorn and Viking projects enhance the UK’s reputation for developing CCUS assets and expertise compared to our international counterparts.

In addition to the announcement, eight CCUS Track 1 projects representing a range of technologies in Wales, the North-West and the East of England are already in receipt of significant levels of Government funding.

Cumulatively, the CCUS projects will set the UK on its way to its decarbonisation targets and unlock private sector investment in jobs, supply chain and construction.

The CBI’s recent Green Growth report suggested carbon capture sites in industrial clusters could support more than 140,000 new or existing posts.

The UK’s world-leading firms have the infrastructure project experience to deliver CCUS export prizes that could be worth £2 billion by 2030.

But not only that – CCUS presents a multi-billion-pound opportunity for the UK economy and contributes to 27 green growth prizes identified by the CBI as potentially delivering a £37 to £57 billion UK GDP boost by 2030.

As we rapidly decarbonise our energy systems, it’s inevitable that we continue to rely on our strong oil and gas sector to provide security of supply during the transition.

Fortunately, in the North Sea Transition Deal, we have a roadmap in place for managing our resources effectively.

It is one that also serves an effective blueprint for how Government and industry can work as one to help the UK meet net zero emissions.

This latest boost for CCUS marked a pivotal moment for the UK’s status as a hub for clean energy.

While there is undoubtedly more work to do to move from initiation into the delivery phase, the opportunities are there for all to see in terms of the potential to lower consumer and business costs, create skilled jobs, and boost exports.

Firms across the UK unequivocally back the transition to clean power and heating.

I believe Yorkshire and the Humber can seize these chances if efforts to decarbonise and build a sustainable economy continue with the pace and ambition seen in recent days.

Olga Watterich is Yorkshire and the Humber Deputy Regional Director for the CBI