LONDON, Feb. 24 (UPI) -- The United Kingdom could be leading the world in carbon capture and storage projects with a $1.56 billion commitment, the British energy secretary said.
Plans for a carbon capture and storage project in Scotland fell apart following pricing concerns during talks last year between the government and developers. British Energy Secretary Ed Davey, however, said London is ready to put $1.56 billion behind the technology.
Davey told delegates from the CCS industry that London wanted to work with the private sector to help meet efforts to lower carbon emissions.
"The U.K. has the chance to lead the world in CCS and the government is backing its commitment with $1.56 billion," he was quoted by the Platts news service as saying.
The International Energy Agency said CCS technology could cut carbon dioxide emissions from the industrial sector by as much as 4 gigatons by the middle of the century.
In a report with the U.N. Industrial Development Organization, the IEA said more than 1,800 large-scale CCS projects are needed in the next 40 years, however.
CCS technology inaugurated in West Yorkshire last year could remove up to 100 tons of carbon dioxide emissions per day from an area coal-fired power station.
