Teesside Collective welcomes the launch of Lord Heseltine’s report on economic opportunities in Tees Valley and his strong recommendations around progressing our industrial carbon capture and storage initiative.
Continuation of Government funding as we update our business case and demonstrate value for money in this arena will be important to grow the project going forward as we start to develop demo decarbonisation projects on Teesside.
We could not agree more with the following statement from Lord Heseltine in the report:
“This is a rare instance when existing industries can harness a new technology and ensure that Britain becomes a European and world leader. Without this work continuing this opportunity could be lost to other industrial areas overseas. The opportunity that industrial CCS and CCU could offer the region cannot be underestimated – in terms of both existing and future investment and employment.”
Key report recommendations are as follows:
- The Teesside Collective should develop a new business case that reflects changed circumstances (i.e. the end of the Carbon Capture Storage Commercialisation Competition and closure of SSI) and clearly sets out the rationale for Industrial Carbon Capture Storage in the area.
- Should any further feasibility funding be available this Parliament, the Government should continue to support the Teesside Collective subject to the Teesside Collective proposals demonstrating a strong rationale for Industrial Carbon Capture Storage in the area and value for money.
- The Government to set out its new approach to Carbon Capture Storage (CCS) taking into account the findings of Lord Oxburgh’s CCS Advisory Group report.
- The Teesside Collective should work with existing petroleum and carbon dioxide storage licence holders, and harness the Storage Site Appraisal work to explore and identify the best potential offshore pipeline network and potential storage site for Teesside’s Industrial Carbon Capture Storage emissions.