According to a report from The British Parliamentary Advisory Group on Carbon Capture and Storage (CCS) the UK could save up to £5bn/year (€5.9bn/year) by 2050 if it would invest in CCS technology. Without CCS, the cost of meeting UK's target of 80% reduction of CO2 emissions by 2050 would almost double, from 0.5% of GDP up to 0.9%.
According to the report, CCS could store 15% of current UK CO2 emissions by 2030 and up to 40% by 2050, while generating power at GBP 85/MWh, a lower level than the £92.5/MWh contract for difference (CfD) granted to the Hinkley C nuclear project.
In 2007 the Government agreed to earmark £1bn (€1.4bn) to support the development of CCS technology. In 2013, the Government selected the Peterhead Project and the White Rose Project. However, in November 2015 it cancelled the scheme, just six months before it was due to be awarded.
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