Oxford’s latest report: Collection and storage of carbon dioxide can be collected without paying billions of dollars to taxpayers

An outsider that shows the development of a CCS policy scenario that shifts from a government -led mechanism to a combination of British ETS and CTBO authority. The final position of 2050 is determined by the relative weight of the market and the obligatory policy at that time. Credit: Oxford Net Zero and Carbon Balance
Oxford’s net zero and carbon balance researchers have clarified the risks of the current British CCS policy combination, and carbon storage obligations on fossil fuel producers achieve climate change goals while the UK protects finances. Explore how it is useful.
The new groundbreaking report announced today is working on important British climate policy, how to develop important carbon storage infrastructure while protecting finances. This report was written by researchers of Oxford Net Zero (based at Oxford University) and carbon balance initiatives, and the long -term policy mechanisms for the introduction of carbon storage and the obligation to collect carbon dioxide (CTBO). It responded to the direct call from the government to investigate. )
In order to achieve the British legal binding net zero goal, it is necessary to quickly and significantly reduce the amount of fossil fuels used, and to permanently store the remaining CO2 products by 2050. 。 Therefore, the development of the robust and financially sustainable carbon recovery and storage (CCS) industry is essential. Achieving climate goals. In 2024, the British government promised 21.7 billion pounds to start CCS development. The company has the ambition of storing 50 Megaton CO2 annually by the mid -2030s, which is equivalent to today’s emissions from all British power plants. Achieving these goals will require billions of dollar additional investment beyond the current public funds.
This study was developed through a wide range of advanced discussions with more advanced stakeholders in the government, academic, industry, and civil society in cooperation with the Carbon Collection and Saving Association (CCSA). The current plan, which mainly depends on the British emissions trading system in order to expand CCS from the 2030s, is unlikely to attract enough private investment in carbon storage, and may make the net zero target. It turned out that the dependence on government subsidies in the CCS industry could be prolonged beyond the current funds. 。
The authors are considering alternative policy scenarios. It is to require fossil fuel suppliers to constantly store the ratio of increasing CO2 emissions through carbon dioxide recovery obligations. With this approach, you may be able to create an independent storage market while gradually reducing the dependence on public funds. The authors discovered that storage obligations could be particularly effective in combination with complementary demand management means such as carbon prices.
“The New Labor Party administration is facing a strict choice for public expenditures in many fields,” said Milte Boot, the author of the British carbon balance in charge of carbon balance. “Our research shows that if there is an appropriate policy design, the government can create a clear investment case for CCS and GGR without imposing the cost of CO2 purification.” Ingrid Sandver, the author of the book and the executive director in charge of carbon balance.
The authors have cautious policy design and further research to deal with the potential impact of storage obligations and implementation issues on the risk of British industrial competition, energy security, consumer costs, and carbon leakage risks. He warns that it is necessary. The authors emphasize that carbon storage obligations need to be in line with fossil fuel stages and wider energy transition.
“The fossil fuel industry has resources to provide the storage capacity we need,” said Professor Miles Allen, the chief researcher of Oxford Net Zero. “It is a realistic path to the net zero to make this a condition for continuing business, and it is urgently necessary to develop further policy.”
“The world is heated faster than ever in 2024. We are losing the battle against climate change in 2024. We are losing faster than ever before. Commercial carbon storage has begun. However, the model indicates that it needs to be developed 100 times earlier. ” However, in this case, the government needs to consider the duty of the supply side that incorporates the CO2 storage cost into the wholesale price of fossil fuels. “
Detailed information: Market and duty: Policy scenario for the introduction of CCS in the UK, exploration of the role of carbon dioxide recovery, www.carbon-balance.earth/brief… Markets-and-Mandates
Provided by Oxford University
Quoted: New Oxford Report: Carbon recovery and stored without paying billions of dollars (January 23, 2025), https: //phys.org/news/2025-01-OXFORD-CARBON -captore-Storage-TaxPayer acquired on January 23, 2025. html
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